CNN
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Sean “Diddy” Combs has offered a majority stake in Revolt, the media firm and tv community he based in 2013, in keeping with the corporate.
Revolt, a Black-owned multi-platform media firm, has introduced its largest shareholder group is now its personal workers. In a press launch, a spokesperson for Revolt mentioned that the brand new possession mannequin ensures that workers who’re driving the corporate’s progress can even profit from its success, aligning with an rising trade development of fairness participation.
“At this time, we’re most happy with the transformation that our groups will expertise as they shift from being workers to homeowners of the enterprise they’re serving to to construct,” CEO Detavio Samuels mentioned in an announcement on Tuesday. “Black tradition is international tradition, and Revolt’s superpower is being the house for creators that transfer tradition globally, permitting us to construct probably the most highly effective storytelling engine for Black voices.”
A spokesperson for Revolt mentioned that shares held by Combs have been “totally redeemed and retired.”
Representatives for Combs didn’t instantly reply to CNN’s request for remark.
Combs stepped apart as chairman of Revolt in November, after he was named is a number of civil lawsuits through which he has been accused of sexual assault and different criminality. Combs has vehemently denied claims from most of the civil fits however has not responded to the entire allegations.
Final month, CNN printed a 2016 surveillance video that confirmed Combs bodily assaulting Cassie Ventura, a former girlfriend who filed a now-settled civil swimsuit in opposition to Combs in November 2023.
Combs apologized for his actions within the video almost two days after CNN’s report was first printed.
In the meantime, federal investigators are getting ready to deliver accusers of the music mogul earlier than a federal grand jury, in keeping with two sources conversant in the probe — signaling the US Justice Division is transferring towards probably in search of an indictment of Combs.
Federal investigators are additionally trying into allegations of cash laundering and unlawful medicine, CNN previously reported.
Revolt Media was based by Combs in 2013 with the intention of highlighting Black tradition and hip-hop.