[ad_1]
Revolt has announced a new ownership structure after its founder, Sean “Diddy” Combs, stepped aside as chairman of the television and media company.
Current employees will become the largest shareholder group of Revolt as Combs’ shares of the company have been fully redeemed and retired, The New York Times reports.
Employee participation will be allocated over the coming months as Revolt promises staff members a detailed breakdown of the process.
The change in ownership comes after various reports of big-money investors seeking to buy Combs’ stake in the company, including Essence founder Richilieu Dennis.
“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,” said CEO Detavio Samuels in a statement. He added, “Without question, they deserve participation in our growth — and I could not be more honored to continue on this journey with them, leveraging our collective strength, pushing boundaries, and achieving new heights together.”
Combs exited Revolt in November 2023 following a rape accusation from former girlfriend Casandra Ventura, better known as the R&B star Cassie, who recorded for Combs’ Bad Boy record label. Cassie accused Combs of raping and beating her over the course of a decade; Combs denied the allegations. In May, CNN released footage leaked from surveillance cameras that appears to depict Combs violently assaulting Cassie in a Los Angeles hotel. Combs admitted to “inexcusable” behavior in a video statement posted to Instagram, saying, “I take full responsibility for my actions in that video.” In the past several months, Combs has been hit with several other lawsuits and sexual misconduct allegations.
Announcing Combs’ departure from the company, Revolt said in a statement at the time: “While Mr. Combs has previously had no operational or day-to-day role in the business, this decision helps to ensure that Revolt remains steadfastly focused on our mission to create meaningful content for the culture and amplify the voices of all Black people throughout this country and the African diaspora.”
