Sean 'Diddy' Combs sells stake in his media firm Revolt amid trafficking and assault allegations

Sean 'Diddy' Combs sells stake in his media firm Revolt amid trafficking and assault allegations
Sean 'Diddy' Combs sold his entire stake in founding media firm Revolt (Getty Images)

Warning: This article contains a recollection of crime and can be triggering to some, readers’ discretion advised.

LOS ANGELES, CALIFORNIA: Troubled hip-hop tycoon Sean "Diddy" Combs, who co-founded the media firm Revolt in 2013 with an emphasis on artists influencing hip-hop and youth culture, sold the majority of his shares in the company.

Revolt released a statement stating that the company is dedicated to maintaining Black ownership and operation and that the employees are currently the company's majority stockholders after Combs sold his investment.

Revolt no longer has Sean 'Diddy' Combs as key shareholder

The media entrepreneur and rapper, who once headed Revolt, has stepped down and fully redeemed his shares in the media firm as a slew of sexual assault allegations pile up against him.

Detavio Samuels, CEO of Revolt, revealed to The New York Times before the announcement on Tuesday, June 4, that Combs, 54, "agreed to start the process of separation" in January following several lawsuits filed against him.

"One hundred percent of Sean Combs’ shares have been redeemed and retired," Samuels stated in an interview with the outlet.

He said of Combs, "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."

Sean 'Diddy' Combs sold the majority of his shares in the media company Revolt (Getty Images)

The price that Combs paid for his stock in Revolt was not disclosed, but Samuels stated in The New York Times piece that the company's employees currently held the majority stakeholder position.

The company further revealed in a Tuesday blog post that within the following several months, the equity participation allocation will take place.

Revolt stated it 'will remain Black-owned and operated'

Combs and Andy Schuon co-founded Revolt—the company behind shows like 'Drinks Champs'—in 2013 to empower and tell the experiences of Black people, per the New York Post.

Revolt further stated in the statement that it will continue to be controlled and operated by Black individuals, by saying, "Shares held by the company’s former chair, Sean ‘Diddy’ Combs, have been fully redeemed and retired."

The statement added, "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."

MIAMI, FLORIDA - FEBRUARY 01: Diddy attends the MCM x Rolling Pre-Super Bowl Event at SLS Miami on F
Sean 'Diddy' Combs co-founded Revolt to empower and tell the experiences of Black people (Getty Images)

Combs—who is battling several legal issues and sexual assault allegations—temporarily quit the music-focused television network in November 2023 he co-founded with Schuon.

Revolt announced on social media at the time that the 'I'll Be Missing You' rapper would no longer be serving as the network's chairman. A representative for Combs, however, informed that the departure was just temporary.

Combs has been mentioned in eight legal lawsuits since November 2023, per People.

Combs' ex-girlfriend Cassie Ventura filed a significant lawsuit against him in November 2023, alleging that the music mogul sexually assaulted and trafficked her for a harrowing 10 years.

The Bad Boy Entertainment founder has been accused of sexual assault and harassment by at least six people in court files; the most recent lawsuit was submitted on May 23, 2024.

The rapper has been accused of drugging people against their will and of engaging in sex trafficking in several of the lawsuits.

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