Sean “Diddy” Combs has recently divested his ownership stake in Revolt, the media company he founded over a decade ago. The Los Angeles-based company confirmed the sale of Combs' shares, which were held by him as the company's chair, stating that they have been fully redeemed and retired.
Although the exact financial details of the transaction were not disclosed, it marks a significant development for Revolt, a hip-hop news and entertainment company established by Combs in 2013. The company's CEO, Detavio Samuels, emphasized that the mission of Revolt transcends any individual, underscoring a broader vision for the company.
Revolt also unveiled a new ownership structure that includes granting equity stakes to its employees. This move aims to empower the workforce and align their interests with the company's success. Revolt, known for streaming popular shows like “Black Girl Stuff” and “The Life of Draco” featuring rapper Big Draco, is positioning itself for continued growth and innovation.
Combs' decision to sell his stake in Revolt comes amidst legal challenges that have tarnished his public image. Late last year, he faced multiple lawsuits alleging sexual assault and rape, casting a shadow over his reputation as a prominent figure in the hip-hop industry.
One such lawsuit was filed by R&B singer Cassie, accusing Combs of subjecting her to an abusive relationship involving beatings and rape over an extended period. The lawsuit was settled shortly after it was initiated, bringing attention to the personal controversies surrounding Combs.
As Revolt navigates this transition in ownership and leadership, the company remains focused on its commitment to delivering diverse and engaging content to its audience. The restructuring and employee equity program signal a new chapter for Revolt, emphasizing inclusivity and shared ownership in driving the company forward.
