By Brandon Thurston & Jason Ounpraseuth
Amid a lawsuit filed by AEW against Triller, a separate lawsuit filed by TrillerTV against its parent company, Triller Group, Inc. (TGI), reveals unrealized sale talks with the likes of streaming television service Fubo, and ignored communication from the parent companies’ executives, which allegedly prevented TrillerTV from paying AEW overdue revenue from pay-per-view sales and AEW Plus subscriptions.
In the lawsuit between Triller entities, TrillerTV, filing as its underlying corporate entity, Flipps Media, asks the Delaware Chancery Court to appoint its executives as the streamer’s board of directors so it can explore a sale or bankruptcy. Attached to the lawsuit is a formal notice that the subsidiary sent last December to its parent company.
The notice was issued by TrillerTV CEO Kosta Jordanov and President and COO Eric Winter, addressed to TGI’s board of directors and executives, including TGI CEO Wing-Fai Ng. The document appears to inform TGI of TrillerTV’s cash-flow insolvency, which would prevent the company from paying AEW the $3.7 million then owed — months before AEW ultimately terminated the relationship, launched its own streaming service, and sued for nearly $5 million in missing payments.
AEW’s lawsuit alleged that TGI drained TrillerTV of its revenues and put that cash toward expenses for TGI’s other businesses, including its social media platform. The Triller app was positioned as a TikTok competitor, but its website doesn’t appear to be currently functioning.
The TrillerTV platform, however, continues to operate and has many live wrestling and other sports events still scheduled for streaming, according to that website.
“TrillerTV continues to operate its global operations for its millions of registered users, leveraging hundreds of licensed publishing partners across a variety of live and on-demand sporting events,” a spokesperson for Flipps Media, TrillerTV’s corporate entity, wrote to POST Wrestling this week. “TrillerTV intends to provide the greatest content for users no differently than it has the past 11 years.”
Due to a lack of communication with Ng, TrillerTV executives claimed in their December notice that the streaming service was forced to obtain hard money loans — a type of high-interest loan often secured against real estate property — to repay debts owed to AEW. As a result, TrillerTV says it took on over $600,000 in interest just to get $1,475,000 in funding.
The notice letter included a timeline detailing what the Triller executives say was a lack of communication between TrillerTV and parent TGI leadership.
POST Wrestling sent an inquiry on Tuesday to the TGI executives to whom TrillerTV’s notice was addressed, seeking their account of the events described. Those TGI executives did not respond by publishing time.
In response to our previous report focusing on AEW’s lawsuit against Triller, Ng stated earlier this week, “We take these reports seriously and are reviewing the legal matter thoroughly. At this time, Triller Group Inc. has no comment.”
TrillerTV executives allege broken promises from TGI as the AEW relationship fell apart
In January 2025, AEW demanded $1.5 million by the end of January and February. On Jan. 22, Winter and Ng met at the Peninsula Hotel in Beverly Hills, Los Angeles, where Ng committed to wiring funds to cover both AEW payments. However, Ng allegedly did not respond to emails or text messages and failed to deliver on his commitment. TrillerTV was forced to take a high-interest hard money loan to cover the first $1.5 million payment.
On March 12, according to the notice from Winter and Jordanov, Ng called Winter, during which Ng committed to wiring $1.5 million and instructed Winter to send the wiring details to TGI Chief Financial Officer Desmond Shu. Winter emailed and called Shu four times, according to the notice, but received no response. Winter then contacted John Wang of WTT Investment and Ng, but got no response.
Winter and Ng met in Miami on March 27, the notice states, where Ng was supposed to deliver a plan for paying AEW by March 28, but nothing emerged from the meetings.
The urgency to hear back from TGI leadership increased, as shown in excerpts from emails in the notice. On April 1, 2025, Winter and now-former Triller board member Bobby Sarnevesht exchanged emails that are quoted in the notice.
Winter wrote: “No response from you [Ng] for three days and I am getting worried (again).”
Sarnevesht emailed: “What’s the plan here? @wing going dark isn’t going to resolve this issues. [sic] The company is further put into harm’s way. Never seen a ‘operator’ not respond in a crisis time.”
The next day, Ng wrote back with what’s said to be his only response throughout what’s described in the document as a “period of crisis communications.”
“WHY THE FUCK YOU COPIED TO BOBBY!?” Ng wrote to Winter and Jordanov, referring to Bobby Sarnevesht, who was a Triller board member at the time, according to the account from TrillerTV executives.
TGI executives did not respond to a request this week from POST Wrestling to clarify whether these communications provide a full and accurate representation of these events.
The December 2025 notice from Winter and Jordanov characterizes that response from Ng as follows: “Rather than addressing the imminent loss of our largest customer [AEW], the threat of bankruptcy, or the urgent funding needs, the CEO of our Parent company chose to respond only to object to the inclusion of a Board member on urgent, governance-related correspondence.”
Also on April 2, 2025, the notice shows that Winter continued to address TGI, writing: “Please confirm the wire is being sent ‘now’…” He continued in all caps: “TRILLERTV RUNS THE RISK OF CEASING OPERATIONS NEXT WEEK IF THE WIRE DOESN’T LAND – AND THIS TURNS INTO ANOTHER UNFULFILLED PROMISE.”
Winter turned to the TGI CFO: “Desmond you have not responded to nearly 10 emails and texts on this subject.”
The notice continues to outline Winter and Jordanov sending further messages to the TGI board of directors, warning them of “imminent AEW termination and TrillerTV insolvency.”
They said they needed Ng’s signature for a $4 million hard money loan that would have covered the AEW debt, but, according to their account, they got no response.
Sarnevesht’s LinkedIn profile indicates he left Triller in May 2025, the same month TrillerTV lost its AEW domestic PPV distribution rights. He subsequently sued TGI for not upholding promises made when the company was formed through its 2024 merger, including a commitment to secure $500 million in outside investment that never materialized. TGI did not defend itself in that separate case with the Delaware Chancery Court, and a default judgment was entered against the company in February 2026. Sarnevesht is seeking at least $500 million in damages on behalf of former stockholders.
Continuing on the timeline from the notice of insolvency, on May 10, 2025, TrillerTV lost its AEW United States pay-per-view distribution rights.
“I have warned leadership for months this time was coming,” Winter relayed to TGI. “Kosta advised the BOD last month and no one responded.”
TrillerTV’s (Flipps Media Inc.) 12-page Notice of Insolvency, dated December 29, 2025, which is attached, and to TrillerTV’s lawsuit against its parent company, Triller Group Inc. (TGI).
Fubo and others showed interest in buying TrillerTV out of TGI
During TrillerTV’s financial crisis, the notice states three companies made offers to purchase the streamer known for broadcasting live wrestling, including Fubo. The offer was made on Oct. 10, 2025, for $19.6 million to buy TrillerTV and the company’s stake in boxing promotion Bare Knuckle Fighting Championship (BKFC). Fubo valued TrillerTV at $3.6 million as part of the offer.
Ng allegedly rejected Fubo’s offer because Triller would “never consider” selling a single share of BKFC for anything less than $12 per share; Fubo TV valued the BKFC shares at one quarter of that, $3 per share. TrillerTV executives claimed this rejection was made without any documented board process, written analysis, or credible market basis.
Praetorian, a cybersecurity company, and, separately, a firm referred to as Swerve Equity also showed interest in buying TrillerTV. Praetorian valued the streaming service at $3.5 million, though the document notes the company had “been slow to engage.”
Swerve Equity is said to have offered one percent of its common shares and “valu[ed] the business at $12.5 million,” though it’s unclear if this higher offer was solely for TrillerTV or for a wider combination of assets.
The notice says there were also “active discussions” with certain other parties, including TNA’s parent company, Anthem Sports, as well as “Source Digital (in conjunction with BKFC), Offspin Ventures, Midas Atlantic (financial sponsor), Critical Point (financial sponsor).”
It appears any transaction selling TrillerTV at this point would be at a significant loss compared to the price that Triller previously acquired the streaming business for. The notice discloses that the TrillerTV business — then known as FITE — was acquired by Triller in July 2021 for $51.4 million.
The December notice warns that “[i]f AEW terminates our distribution agreement entirely,” which, ultimately, it did, “or if we are unable to meet critical vendor obligations, the platform will become non-viable, and we will be unable to operate client solutions” (underline original).
The TrillerTV team stated that AEW provided 65% to 75% of its revenue and that the loss of U.S. pay-per-view rights in May 2025 due to non-payment, “result[ed] in an estimated $9.0 million – $12.0 million annualized cash flow loss.” Besides providing a majority of TrillerTV’s revenue, TGI disclosed in an SEC filing that AEW comprised 24% of the entire parent company’s revenue for 2024.
The notice stated that TrillerTV at the time had 32 employees with a monthly payroll of approximately $220,000. However, many employees have since separated from the company.
When asked about downsizing on Tuesday, a spokesperson for Flipps — the entity underlying TrillerTV — connected lay-offs to the end of the AEW relationship while expressing appreciation for the work of former staff members.
“As TrillerTV winds down an incredible seven-year relationship with All Elite Wrestling, the company has made the difficult decision to slightly reduce its workforce to better meet current business goals,” the Flipps spokesperson stated. “This decision is in no way a reflection of the hard work and dedication of those affected employees, and we are grateful for their contributions. We are focused on supporting those employees who were impacted during this transition. Overall, the company is taking steps to ensure its long-term sustainability.”
Several staff members with TrillerTV’s Bulgaria office were separated from the company last month, according to a person familiar with the Bulgaria team. At least one executive, Adam Bigwood, also recently left the company, as reported earlier.
The future for TrillerTV
In their notice from December 2025, the TrillerTV executives wrote: “TGI must now determine whether it wishes to support TrillerTV as a going concern,” meaning an active business TGI is willing to support, or direct an orderly wind-down.
The streaming executives offered three options to TGI to help resolve its issues: immediate financial support, authorization to complete a sale, or an orderly wind-down of TrillerTV. They set a deadline of Jan. 7, 2026.
We emailed the TrillerTV executives asking what, if any, responses they received from TGI management regarding those options.
“Flipps Media cannot comment on its ongoing legal dispute that is currently active in the Delaware Court of Chancery,” the spokesperson for Flipps wrote back.
Triller’s stock listing fell off the Nasdaq exchange, due to late financial reporting, just days after the date of the notice. Though its listing was restored in April, TGI continues to risk falling off the Nasdaq exchange due to its sub-one-dollar share price.
GCW is among TrillerTV’s most important remaining content partners. Brett Lauderdale, the promoter of GCW, wrote on social media on Monday that he’s hopeful TrillerTV will be sold and continue operating.
For an acquisition to happen, Flipps/TrillerTV may need a favorable ruling from the Delaware court that gives the executives of the streaming service the authority to make such a transaction.
Last Friday, a judge granted Flipps’ motion to expedite the case due to the company’s dire financial situation. TGI’s non-engagement and default in the Sarnevesht case raise questions about whether TGI will engage in the Flipps litigation at all. If TGI doesn’t, that may ease Flipps’ path toward getting the court intervention it needs before the streaming service runs out of money.
