March 26, 2024
Sean “Diddy” Combs is no longer an owner at Revolt TV after selling off his shares to an anonymous buyer for an undisclosed amount.
Sean “Diddy” Combs is no longer an owner at Revolt TV after selling off his shares to an anonymous buyer for an undisclosed amount.
The hip-hop mogul is seeing a drastic fall from grace due to a series of sexual assault and misconduct lawsuits and allegations of operating a sex trafficking ring. Amid the mounting legal woes, which include having his homes in Los Angeles and Miami raided on Monday, March 25, sources say Combs decided to officially separate himself from the media company he founded in 2013.
Sources say Combs sold his Revolt TV shares to an interested buyer but made sure that the company remains Black-owned, TMZ reports. The anonymous buyer wants to remain unknown for the time being. However, it makes sense given all the negative press surrounding the company’s former owner.
According to insiders, Combs and the new Revolt boss share a passion for Black culture and want to keep the deal under wraps until a formal announcement in the near future. Combs was reportedly notified that the sale was finalized this week.
There will reportedly be no staff changes. Revolt’s CEO Detavio Samuels and Chief Brand Officer Deon Graham will remain in their current positions and assist the new owner until they implement their vision for the company.
The sale comes after Combs stepped down from Revolt last November following a series of shocking lawsuits from women accusing him of sexual assault. At the time, the media platform released a statement announcing Combs’ departure as company chairman.
“Sean Combs has stepped down from his position as chairman of Revolt. 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.”
Amid news of the Revolt TV sale, it’s being speculated if Combs knew a federal raid was on the way. Many were shocked to see video footage showing federal agents, including Homeland Security Investigative officials, conducting coordinated raids at his two homes in Miami and Los Angeles.
The raids came one month after a music producer filed a lawsuit against Combs accusing him of running a sex trafficking operation. Sources say three women and a man have been interviewed by federal officials in Manhattan in relation to allegations of sex trafficking, sexual assault, and the solicitation and distribution of illegal narcotics and firearms.
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