Sean 'Diddy' Combs sells shares in Revolt as his media company becomes employee-owned
Six months after he stepped down as chairman of Revolt, the media company he co-founded in 2013, Sean "Diddy" Combs has sold his stake in the business amid a plethora of legal issues.
Revolt will now be owned by its employees, the company announced Tuesday.
"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," the statement reads.
"The allocation of equity participation will be rolled out over the next few months. We're working diligently to ensure a smooth and fair distribution process."
The announcement continues, "Aligned with REVOLT’s mission of changing the narrative of Black culture globally, this unprecedented move sets a new industry standard that will provide equity participation opportunities for current and future employees — many of whom come from groups that have been historically disenfranchised from such opportunities."
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The conclusion of the message reads: "Shares held by the company’s former chair, Sean 'Diddy' Combs, have been fully redeemed and retired."
USA TODAY has reached out to representatives for Combs for comment.
CEO says Revolt and Diddy 'have completely separated and dissociated from each other'
According to its website, Revolt's digital footprint spans "scripted, unscripted and docu-style programming anchored in hop-hop," podcasts and live events. Some of its popular properties include "Drink Champs," "The Crew League," and "Caresha Please."
"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," CEO Detavio Samuels told The New York Times.
In November, Revolt announced Combs had stepped away from his leadership position. Though the company did not specify a reason, the embattled music mogul had been sued by three different women, including his ex-girlfriend Cassie Ventura, for alleged rape and assault dating back to the 1990s that month. Combs and Ventura settled for an undisclosed amount a day after her filing.
"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," Revolt's statement read.
Last month, CNN released surveillance video from 2016 showing Combs kicking, hitting and dragging Ventura in a hotel hallway. The incident matched the description of an alleged incident Ventura detailed in her lawsuit against Combs months prior.
Several days later, Combs shared an apology video on Instagram, in which he called his "behavior on that video" "inexcusable" while avoiding mentioning Ventura or specifics about the clip he was talking about.
"I take full responsibility for my actions in that video. I'm disgusted. I was disgusted then when I did it, (and) I'm disgusted now," he said.
Will Sean 'Diddy' Combs be charged?
Since November, Combs has been accused in multiple civil lawsuits of rape, sexual assault, sex trafficking and physical abuse.
In March, Homeland Security Investigations raided his homes in Los Angeles and Miami "as part of an ongoing investigation."
Per NBC News, the Los Angeles Times and The Associated Press, the searches were part of an ongoing sex trafficking investigation in New York. Several people have been interviewed by investigators about allegations against Combs regarding sex trafficking, sexual assault and other alleged offenses, according to NBC News and the AP.
Though no criminal charges have been levied against the 54-year-old music mogul, Rolling Stone and CNN have reported that state and federal investigators have been gathering witness testimony and evidence for a possible indictment of Combs.
Combs has denied all accusations against him.
If you or someone you know has experienced sexual violence, RAINN’s National Sexual Assault Hotline offers free, confidential, 24/7 support to survivors and their loved ones in English and Spanish at: 800.656.HOPE (4673) and Hotline.RAINN.org and en Español RAINN.org/es.