The Bad Boy mogul is offloading his stock in Revolt TV, the company he founded, amid ongoing investigations for drugs, sexual assault, and sex trafficking.
- Mar 27, 2024
AceShowbiz - Sean "P. Diddy" Combs has sold his shares in Revolt TV to an anonymous mystery buyer, ending his reign at the Black-owned entertainment company. The transaction, reportedly for an undisclosed sum, was confirmed following house raids by federal agents.
The new owner, whose identity remains concealed for the time being, is said to have a passion for Black culture and plans to continue Diddy's mission for the brand. According to insiders, no significant changes are expected in staffing or production, with Revolt CEO Detavio Samuels and Chief Brand Officer Deon Graham retaining their leadership positions.
Diddy's decision to sell his shares comes as he faces ongoing investigations by Homeland Security. Agents recently raided two of his properties in connection with allegations of sex crimes, including rape and sex trafficking. However, no arrests were made during the raids, and Diddy has denied the accusations.
Sources indicate that Diddy had been negotiating the potential sale for some time, predating the Homeland Security raids.
As part of a separate matter, Diddy's accused "drug mule," Brendon Paul, was arrested in Miami after agents intercepted his plane at Opa Locka Airport.
Diddy has not commented publicly on the raids or the investigations, and his lawyer has not responded to requests for comment. The anonymous buyer of Revolt TV's shares is expected to be revealed in the coming weeks although the amount paid for the transaction remains confidential.
