• Sunday, July 14, 2024
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Diddy sells majority stake at Revolt over civil allegations

Diddy sells majority stake at Revolt over civil allegations

Sean ‘Diddy’ Combs has sold a majority stake in Revolt, the media company and television network he founded in 2013, according to the company.

According to CNN, a spokesperson for Revolt said that shares held by Combs have been “fully redeemed and retired.”

Combs stepped down as chairman of Revolt in November after he was named in several civil lawsuits in which he has been accused of sexual assault and other illegal activity.

Combs has publicly denied these allegations from many of the civil suits but has not responded to all the allegations.

Last month, CNN published a 2016 surveillance video that showed Combs physically assaulting Cassie Ventura, a former girlfriend who filed a now-settled civil suit against Combs in November 2023.

Combs has since apologised for his actions in the video two days after CNN’s report was first published.

Revolt, a Black-owned multi-platform media company, has announced its largest shareholder group is now its own employees.

In a press release, a spokesperson for Revolt said that the new ownership model ensures that employees who are driving the company’s growth can also benefit from its success, aligning with an emerging industry trend of equity participation.

“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,” Detavio Samuels, Revolt’s chief executive officer, said in a statement.

“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,” Samuels added.

According to CNN, federal investigators are preparing to bring the accusers of the Combs before a federal grand jury, according to two sources familiar with the probe which means that the US Justice Department may potentially seek an indictment of Combs.