The embattled hip-hop mogul has exited Revolt Media by selling his stake in the company to its employees, marking a major shift in ownership for the culture-focused media network.
- June 5, 2024
AceShowbiz - Sean "P. Diddy" Combs has divested his majority shareholding in Revolt, a media company he founded with a focus on black culture and hip-hop. Revolt announced that its current employees will assume the largest shareholder group, effectively making them the owners of the business.
The move comes after Combs stepped down as Revolt's chairman in November 2023 amidst allegations of abuse, including a lawsuit filed by his former girlfriend, Cassie Ventura, who alleged sexual assault and sex trafficking. Combs has denied these claims and has settled some of the lawsuits.
Revolt's new ownership structure will roll out equity participation over the next few months, empowering employees to benefit from the company's growth. This aligns with the company's mission to empower creators and uplift black voices in entertainment.
Detavio Samuels, Revolt's CEO, expressed pride in the transformation that the company's employees will experience as they transition from being employees to owners. He emphasized that black culture is global and that Revolt is a home for creators who shape that culture.
The amount Combs received for his stake was not disclosed. Revolt's employees will now own the majority share of the black-owned multi-platform media company.
Meanwhile, federal investigations into Combs' alleged misconduct are ongoing, with sources indicating that the U.S. Justice Department may seek an indictment.
