Sean "Diddy" Combs has sold a majority stake in Revolt, the media company and television network he founded in 2013, according to the company.
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鈥檚 growth can also benefit from its success, aligning with an emerging industry trend of equity participation.
鈥淭oday, 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,鈥� CEO Detavio Samuels said in a statement on Tuesday. 鈥淏lack culture is global culture, and Revolt鈥檚 superpower is being the home for creators that move culture globally, allowing us to build the most powerful storytelling engine for Black voices.鈥�
A spokesperson for Revolt said that shares held by Combs have been 鈥渇ully redeemed and retired.鈥�
Representatives for Combs did not immediately respond to CNN鈥檚 request for comment.
Combs stepped aside as chairman of Revolt in November, after he was named is several civil lawsuits in which he has been accused of sexual assault and other illegal activity. Combs has vehemently denied claims from many of the civil suits but has not responded to all of 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 apologized for his actions in the video nearly two days after CNN鈥檚 report was first published.
Meanwhile, federal investigators are preparing to bring accusers of the music mogul before a federal grand jury, according to two sources familiar with the probe 鈥� signaling the US Justice Department is moving toward potentially seeking an indictment of Combs.
Federal investigators are also looking into allegations of money laundering and illegal drugs, CNN reported.
Revolt Media was founded by Combs in 2013 with the intention of highlighting Black culture and hip-hop.
