Get all your news in one place.
100’s of premium titles.
One app.
Start reading
The Independent UK
The Independent UK
National
Via AP news wire

Diddy sells off his stake in Revolt, the media company he founded in 2013

2018 Invision

Sean “Diddy” Combs has sold off his stake in Revolt, the media company the rapper and entrepreneur founded over a decade ago.

Shares in Revolt held by Combs, who served as the company's chair, have been fully redeemed and retired, the Los Angeles-based company said Tuesday a statement on its website.

Revolt didn't disclose how much Combs was paid for his stake in the hip-hop news and entertainment company, which he founded in 2013.

In the statement, CEO Detavio Samuels noted that when he joined the company in 2020 he realized “our mission is bigger than any individual.”

Revolt also announced a new ownership structure that will give its employees an equity stake in the company, which streams shows online, such as “Black Girl Stuff,” and “The Life of Draco," featuring rapper Big Draco.

The move comes as Combs' reputation has been sullied following several lawsuits filed late last year that raised allegations of sexual assault and rape on the part of one of hip-hop's most recognizable performers and producers.

In November, he was sued by R&B singer Cassie, who said he subjected her to a yearslong abusive relationship that included beatings and rape. Combs settled the lawsuit with Cassie, whose full name is Casandra Ventura, a few days after it was filed.

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.