Key Points:
- Revolt co-founder Diddy sells stake, exits amid legal troubles. Staff to become largest shareholder group.
- Revolt refocuses on employee empowerment, continues mission for diverse content.
- Diddy faces lawsuits; Netflix greenlights 50 Cent docuseries on the case.
Revolt, the Black-owned multi-platform media company, has announced a shift in its ownership structure following the exit of its high-profile co-founder, Sean “Diddy” Combs. Diddy divested his stake in March amid ongoing federal investigations and sexual abuse allegations against him.
Revolt offers employee equity
In an interview with The New York Times, Revolt CEO Detavio Samuel confirmed that Diddy initiated the divestiture process in January. “One hundred percent of Sean Diddy Combs’ shares have been redeemed and retired. He no longer holds any position as chairman or board member. Our professional ties are entirely severed,” Samuel stated.
The ownership transition marks a new era for Revolt. The company, home to popular shows like “Black Girl Stuff” and “The Life of Draco,” will now offer equity stakes to its employees, empowering those who drive its diverse content.
Diddy faces assault allegations
This follows a series of legal troubles for Diddy. Late last year, multiple lawsuits accused him of sexual assault and rape, with the latest lawsuit filed on May 23. At least six individuals have alleged that the Bad Boy Entertainment founder sexually assaulted or harassed them. Some lawsuits include sex trafficking allegations and claims of being drugged against their will.
In November 2023, Diddy temporarily stepped back from Revolt, the music-focused television network he co-founded with Andy Schuon in 2013. Combs has since sold his remaining shares to an undisclosed buyer, amid mounting legal and financial issues. Reports indicate he is facing nearly $100 million in debt on his properties in Los Angeles and Miami.
50 Cent tackles Sean “Diddy” Combs’ allegations
In a related development, renowned rapper and entrepreneur Curtis “50 Cent” Jackson is expanding his media empire with a documentary series about the allegations against Combs. Netflix secured the series after a competitive bidding war among streaming services.
As Revolt moves forward without Sean “Diddy” Combs, the company aims to continue its mission of shaping hip-hop and youth culture globally, now with a renewed focus on employee ownership and empowerment.