Yahoo News Diddy Sells Stake In Revolt, The Black Media Company He Co-Founded
Billionaire hip-hop mogul Sean “Diddy” Combs has sold his majority stake in Revolt, the media company he co-founded in 2013, The New York Times first reported.
Now that Combs has given over his stake, the company’s largest shareholders are currently the employees, according to a statement from Revolt, adding that it is committed to keeping the company Black-owned and operated.
“As the company continues to pioneer a new era of entertainment that empowers creators and establishes a new media model, this transformative structure ensures that the employees who are driving the company’s growth also have the opportunity to benefit from its success,” the statement said.
In late November, Combs stepped down from his role as the Revolt chairman.
“He is no longer chairman. He is no longer on the board. He has no shares, no equity in Revolt. We have completely separated and dissociated from each other,” Revolt CEO Detavio Samuels told the Times.
Combs’ decision to sell his stake follows numerous lawsuits accusing him of sexual assault and violence, sparked first by his ex, singer and model Cassie Ventura. Ventura accused him of rape, domestic violence and more on Nov. 16, but the lawsuit was quickly settled the next day. Since then, multiple other women and a music producer have also filed suits with their own accusations, most of which Combs directly denied in December.
