Diddy Sells Stake in Revolt, Making Employees the New Owners

Amid mounting sexual-assault allegations and a pending federal investigation, Diddy has sold his majority stake in Revolt, the media company he founded, per the New York Times. “One hundred percent of Sean Combs’s shares have been redeemed and retired,” CEO Detavio Samuels told the Times. “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.” Though the fallen hip-hop mogul and Revolt have cut ties, the company will remain Black-owned and operated. In fact, its largest shareholder group is now a coalition of its employees and chief executive. Co-founded over a decade ago by Diddy with the goal of bringing more Black voices to television, the company is known for hit video podcasts including Drink Champs, among others. As alleged victims hit Diddy with a torrent of disturbing sexual-assault lawsuits in January, he agreed to begin separating from the company, Samuels said in an interview with the Times. A horrifying way to find oneself in the largest shareholder group in a media company.

• [new york times]

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