Other recent music deals: Triller Group announced a $50 million funding round, Musical AI raised an initial $2.1 million investment and more.
Also this week: Triller has a new CEO, the Academy of Country Music elects a board and The Orchard appoints a head of South Korea.
"We believe this is the most efficient route for Triller to access public capital markets and secure the liquidity needed for rapid growth," says CEO Bobby Sarnevesht.
Sony had accused Triller of failing to make timely payments, and the agreement comes months after a judge awarded a $4.6 million judgement against the social video app.
In 2022, the short-form video app had a net loss of $195.6 million on revenue of $47.7 million.
After years of back-and-forth, the R&B and hip-hop giants reportedly set a September date.
The label will continue to pursue copyright infringement claims against the video-sharing app for continuing to use its catalog after Sony terminated its licensing deal.
The case is the latest legal scuffle for the TikTok-like social media service, which is also embroiled in a similar fight with Sony.
Following Sony’s lawsuit, one label source says “millions” in unpaid royalties are the issue.
Following Sony's lawsuit, one label source says "millions" in unpaid royalties are the issue. Triller denies this, saying the app is "reassessing" label deals.
