FILE - Music mogul and entrepreneur Sean "Diddy" Combs arrives at the Billboard Music Awards, May 15, 2022, in Las Vegas. Combs pushed back against a womanâs lawsuit that accused him of sexual assault. Combsâ lawyers filed a motion Friday, April 26, 2024, to dismiss some claims that were not under law when the alleged incident occurred. Combs has sold off his stake in Revolt, the media company the rapper and entrepreneur founded over a decade ago.
Shares in Revolt held by Combs, who served as the company's chair, have been fully redeemed and retired, the Los Angeles-based company said Tuesday in a statement on its website. Revolt didn't disclose how much Combs was paid for his stake in the hip-hop news and entertainment company, which he founded in 2013.
In the statement, CEO Detavio Samuels noted that when he joined the company in 2020 he realized “our mission is bigger than any individual.” Revolt also announced a new ownership structure that will give its employees an equity stake in the company, which streams shows online, such as “Black Girl Stuff,” and “The Life of Draco," featuring rapper Big Draco.filed late last year that raised allegations of sexual assault and rape on the part of one of hip-hop's most recognizable performers and producers.
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