Diddy’s legal battles prompt asset sales as he remains in custody
Combs was arrested last week and remains in custody after twice being denied bail.
Combs was arrested last week and remains in custody after twice being denied bail.
Diddy divested his stake in March amid ongoing federal investigations and sexual abuse allegations against him.
G-Unit Film & Television, 50 Cent’s production company, confirmed Netflix secured the rights after a bidding war among streaming services.
The legal actions against Combs include a federal lawsuit filed by Cassie — whose real name is Casandra Ventura — seeking $30 million in damages.
Throughout his association with Diageo, Combs is reported to have earned nearly $1 billion.
Among the notable figures expressing interest to acquire BET were actor-director Tyler Perry, music mogul Sean “Diddy” Combs, and Byron Allen.
For Combs, this development is a setback in his ambitions to diversify and expand his business ventures, especially in the cannabis industry.
Combs expressed his mission to empower Black entrepreneurs by providing them with the necessary resources to build successful businesses.
Diageo announced its decision to cut ties with Diddy after the latter accused the spirits giant of racial discrimination.
Diageo expressed profound disappointment in Combs for bringing forth what they deemed a bad faith lawsuit.
Sean “Diddy” Combs emphasized the need for greater ownership, influence, and control by people of color in the media industry
Combs plans to build a multi-billion-dollar Black-owned media giant.
Since 2019, his net worth has risen from $740 million to $1 billion.