(CelebrityAccess) — Amid his ongoing legal woes over allegations of sexual and physical misconduct, rap mogul Sean “Diddy” Combs has sold his stake in Revolt, the hip-hop focused media venture that he founded, the company announced.
According to Revolt, the company is now owned by the company’s employees, who will have equity participation and a mandate to help drive the company’s growth. The allocation of equity participation for the company will be announced in the next few months after a process for the distribution has been established, Revolt said.
“We are stepping into the most revolutionary chapter yet for REVOLT. When I joined in 2020, I quickly realized two things: Our mission is bigger than any individual, and we are the largest engine for transformative change that just so happens to be a media company,” CEO Detavio Samuels said. “Over the past four years, this engine has created countless opportunities to build wealth for our community and empower creators and entrepreneurs globally, which includes our reinvestment of $50 million annually into the Black community, funding Black entrepreneurs with no exchange of equity, and ensuring creators have upside participation in the content IP we co-create.”
“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. 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. We succeed because we have a dedicated team who has been committed to advancing our purpose, our community, and our culture every single day. 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,” he added.
Samuels told the New York Times that the process of splitting the company off from Combs began in January as the rap mogul faced a wave of lawsuits from multiple women who alleging that he subjected them physical and sexual abuse. Combs characterized the lawsuits as a bid for a “quick payday” but quickly settled the first suit brought in November by a former longtime partner, Casandra Ventura.
According to Revolt, shares held by the company’s former chair, Sean “Diddy” Combs, have been fully redeemed and retired. The financial terms of the transaction were not revealed.
