Sean “Diddy” Combs has divested a majority stake in Revolt, the media company and television network he established in 2013, as confirmed by the company.
Revolt, a Black-owned multi-platform media company, has disclosed that its largest shareholder group is now its own employees.
In a press release, a spokesperson for Revolt stated that the new ownership model ensures that employees, who are pivotal to the company’s growth, can now share in its success, aligning with a growing industry trend of equity participation.
Detavio Samuels, CEO of Revolt, expressed pride in the transformation, stating, “Today, we are most proud of the transformation that our teams will experience as they shift from being employees to owners of the business they are helping to build. Black culture is global culture, and Revolt’s superpower is being the home for creators that move culture globally, allowing us to build the most powerful storytelling engine for Black voices.”
A Revolt spokesperson confirmed that shares previously held by Combs have been “fully redeemed and retired.”
Representatives for Combs have not responded to CNN’s request for comment.
Combs stepped down as chairman of Revolt in November amid allegations of sexual assault and other illegal activities, which he has denied. Last month, CNN published a 2016 surveillance video showing Combs physically assaulting Cassie Ventura, a former girlfriend. Combs apologized for his actions in the video nearly two days after CNN’s report.
Federal investigators are reportedly preparing to bring accusers of Combs before a federal grand jury, signalling potential legal action. Investigations into allegations of money laundering and illegal drugs involving Combs are also ongoing.
Revolt Media, founded by Combs in 2013, aimed to highlight Black culture and hip-hop
