Triller Hits NASDAQ After Merger with AGBA Group Completes — TikTok Competition on the Horizon?
Photo Credit: Solen Feyissa
AGBA Group Holding Limited has completed its merger with Triller Corp. The new company will operate as Triller Group Inc—under the ILLR stock ticker.
The merger comes after Triller settled a breach of contract dispute with Sony Music for $4.6 million. Triller was accused of failing to pay licensing fees for several stars including Britney Spears, Harry Styles, Janis Joplin, and more. The lawsuit also accused Triller of copyright infringement for streaming music without licensing agreements in place.
Sony alleges that Triller stopped making music licensing payments entirely in March 2022, when the publisher terminated their licensing agreement with the social media company. The situation led to the lawsuit filed in August 2022 to address the copyright infringement and unpaid licensing fees. Sony’s licensing agreement with Triller was first established in 2016, with Triller first missing payments in 2022. A federal judge sided with Sony Music on its breach of contract claim and ordered Triller to make payments in April 2023—with the two companies reaching a settlement agreement in July 2023.
The settlement resolved the breach of contract claim Sony Music had against Triller, but it continues with a separate claim for copyright infringement. Triller has sought to resolve its various legal disputes amid ongoing financial challenges. Investors are looking at the problems TikTok is facing in the United States with multiple lawsuits and hoping this is the opportunity to pounce as a would be competitor.
“This merger is terrific news for both the users and the content creators of our app. Whether they are fans of BKFC, or they watch sports and entertainment events around the world on TrillerTV, or are using our brand and creator tools to find their audience, they now have in Triller an innovative, exciting partner,” says Bob Diamond, Chairman of Triller Group Inc.
Following the completion of the Merger, former AGBA shareholders and former Triller stockholders own 30% and 70% of the combined company’s outstanding common stock, respectively. Triller Corp. owns Triller Sports, Bare-Knuckle Fighting Championship, Amplify.ai, and Triller TV a global PPV, AVOD, and SVOD streaming service.
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