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Sean “Diddy” Combs has reportedly offered his majority stake in Revolt. He based the media firm again in 2013.
Diddy’s as soon as thought-to-be impregnable empire and popularity has been seemingly coming aside on the seams ever since November 16, 2023, when Cassie Ventura filed a lawsuit towards the mogul accusing him of sexual assault, amongst different crimes. Though the swimsuit was settled a day after it was filed, the rattling had been damaged, with a number of victims since coming ahead to accuse Combs of comparable abuse.
Initially, Diddy vehemently denied all of the claims, and he nonetheless does, save for former Unhealthy Boy artist Ventura’s. However that appears to be solely as a result of in Could 2024, CNN acquired and shared footage of Diddy beating Cassie within the corridor of a Los Angeles lodge again in 2016. The video of the incident confirmed what Cassie had described in her lawsuit. A video apology concern by Diddy shorty thereafter was nearly universally maligned for its alleged insincerity.
On Tuesday (June 4), Revolt introduced that Combs had offered his stake within the firm. Previous to that, in late November 2023, Revolt shared that Diddy had stepped from his place as Chairman of the corporate.
Revolt now boasts that it’s owned by staff, and stays Black-owned. “REVOLT is honored and proud to announce that, in an unprecedented and historic transfer within the Black media house, our newly projected largest shareholder group are REVOLT’s present staff,” learn a press release saying Combs’ shared have been “totally redeemed and retired.” “Our mission to develop into the biggest media firm powered by creators and fueled by the tradition continues.”
The New York Occasions reviews that Detavio Samuel’s, Revolt’s CEO, says, “One-hundred p.c of Sean Combs’s shares have been redeemed and retired,” Mr. Samuels stated within the interview. “He’s not chairman. He’s not on the board. He has no shares, no fairness in Revolt. We’ve utterly separated and dissociated from one another.”
Among the different entities which have lower ties with Combs or hs merchandise embrace Hulu, Capital Preparatory Colleges and America’s Finest Contacts & Eyeglasses.