The VERZUZ platform is still entirely owned by Swizz Beatz and Timbaland, despite claims to the contrary from some fans.
Using Instagram Live on Saturday (May 13), the two super-producers asserted that they still jointly owned the site, whose popularity skyrocketed during the COVID-19 pandemic.
According to Swizz, VERZUZ is still entirely owned by Black people. “Fifty percent will appear at the top and fifty percent will appear at the bottom of your screen. If you didn’t already know. Message to Allah. Okay?”
It was created for the people, and it will always be with the people, he continued. And we cherish everyone.
It didn’t take long for fans to comment and point out that Triller had in fact purchased the majority of the shares of VERZUZ back in March 2021 from Swizz Beatz and Timbaland.
Variety stated at the time that Triller Network, the parent company of Triller, had acquired the VERZUZ platform, however Swizz Beatz and Timbaland continued to own stock in the business as part of the acquisition. The super-producer duo also became members of the Triller management group and, according to the source, “allocated a portion of their equity stake to the 43 artists who have so far appeared on Verzuz to help oversee music and other company strategies.”
According to Bobby Sarnevesht, executive chairman and co-owner of Triller, “There is no more disruptive and innovative brand in music today than Verzuz.” “The philosophy of ‘artist first, music first’ is shared by both Triller and Verzuz. Swizz, Timbaland, and the other 43 artists who are all joining Triller Verzuz as shareholders and partners today become our voice, thus we see this transaction more as a partnership than a purchase.
The operative word here is “acquisition,” which denotes Triller’s ownership of the platform rather than Swizz Beatz and Timbaland.
The Hollywood Reporter reported in September 2022 that the two had settled a lawsuit they had brought against Ryan Kavanaugh, the CEO of Triller, for failing to provide the $28 million infusion of capital that was required as part of the acquisition agreement.
The source also verified that Kavanaugh owns a majority stake in VERZUZ through his media investment company Proxima Media, which also invests in sports media and entertainment businesses.
