Sean ‘Diddy’ Combs sells majority stake in Revolt

Sean “Diddy” Combs has sold a majority stake in Revolt, the media company and television network he founded in 2013, according to the company.

Revolt, a leading Black-owned multi-platform media company, has announced its largest shareholder group is now its own employees. In a press release, a spokesperson for Revolt said that the new ownership model ensures that employees who are driving the company’s growth can also benefit from its success, aligning with an emerging industry trend of equity participation.

“Today, we are most proud of the transformation that our teams will experience as they shift from being employees to owners of the business they are helping to build,” CEO Detavio Samuels said in a statement. “Black culture is global culture, and Revolt’s superpower is being the home for creators that move culture globally, allowing us to build the most powerful storytelling engine for Black voices.”

A spokesperson for Revolt said that shares held by Combs have been “fully redeemed and retired.”

Combs stepped aside as chairman of Revolt in November, after he was named is several civil lawsuits in which he has been accused of sexual assault and other illegal activity. Combs has denied the allegations.

Representatives for Combs did not immediately respond to CNN’s request for comment.