Diddy sells off his stake in Revolt, the media company he founded in 2013
FILE - Sean “Diddy” Combs arrives at the LA Premiere of “The Four: Battle For Stardom” at the CBS Radford Studio Center, May 30, 2018, in Los Angeles. Combs has sold off his stake in Revolt, the media company the rapper and entrepreneur founded over a decade ago, the Los Angeles-based company said Tuesday, June 4, 2024, in a statement on its website. (Photo by Willy Sanjuan/Invision/AP, File)
LOS ANGELES (AP) — 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.