Hip-hop mogul Sean “Diddy” Combs has sold his majority stake in the Revolt television network amid mounting legal issues revolving around multiple sexual abuse allegations.
Revolt, in a statement Tuesday, said Combs' shares in the Black-owned multiplatform media have been "fully redeemed and retired," although Revolt did not disclose specific financial details. Combs founded Revolt in 2013 as one of four minority owned-and-operated channels launched in 2012 by Comcast as part of its acquisition of NBCUniversal.
The company will now be majority-owned by its employees, according to Revolt CEO Detavio Samuels. “When I joined in 2020, I quickly realized two things: Our mission is bigger than any individual, and we are the largest engine for transformative change that just so happens to be a media company,” Samuels said in the statement. “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.”
REVOLT’s new ownership structure provides employees an equity stake as the company, while remaining Black-owned and operated, continues its mission to become the largest media company powered by creators and fueled by culture.https://t.co/OIhYHofwtdJune 4, 2024
The move comes seven months after Combs stepped down as chairman of Revolt amid lawsuits accusing the hip-hop mogul of sexual assault.
In March, federal agents raided Combs’s homes in Los Angeles and Miami as part of a federal investigation.
Last month, Combs was seen in a 2016 surveillance video assaulting his then-girlfriend Cassie in a Los Angeles hotel. Combs apologized days later.
