"By now, many of you have seen the footage of me and Solange in the elevator," Jay Pharoah says in the video, pretending to be Jay Z. "We're all good. You know? If there was a beef, then why did we all go to the Nets game the next day? Look at the evidence...Chea. We all went together."
Pharoah, who acts alongside Maya Rudolph as Beyonce and Sasheer Zamata as Solange, also addresses Beyonce's music videos in the sketch.
"I'm sure you're all wondering why Bey is not here tonight," he says. "She's off making another sexually aggressive music video about a monogamous relationship."
The actors portraying Jay Z and Solange say they have audio of the altercation footage in which Solange helps Jay Z remove a spider from around him.
"You see?" Pharoah says. "This is all just a big misunderstanding."
Rudolph appears at the end of the clip as Beyonce.
To view the clip, click here.