Sean ‘Diddy’ Combs Sells Stake in Revolt Amid Legal Battles, Allegations

Sean 'Diddy' Combs participates in "The Four" panel during the FOX Television Critics Association Winter Press Tour in Pasadena, Calif., on Jan. 4, 2018. Richard Shotwell/Invision/AP

Sean “Diddy” Combs has divested from Revolt, the media company he founded, following a series of legal challenges and serious allegations made against him.

Mr. Combs has sold all of his shares, and the largest shareholder group in Revolt now consists of its current employees.

A press statement published on Tuesday on Revolt’s website said: “The allocation of equity participation will be rolled out over the next few months. We’re working diligently to ensure a smooth and fair distribution process.”

Another statement by CEO Detavio Samuels said, “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. 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.”

The 54-year-old music mogul stepped down as chairman in November following a lawsuit filed by his ex-girlfriend, Cassie Ventura, alleging physical abuse, sexual assault, and rape.

Furthermore, Mr. Combs has been hit with a wave of civil lawsuits accusing him of sexual assault, trafficking, and other illegal activities.

Despite stepping down, Mr. Combs had retained significant shares in the privately held company until Tuesday’s announcement.

Revolt emphasized the importance of maintaining black ownership, noting that around 80 percent of Revolt’s workforce comprises people of color.

Revolt, launched in 2013, originally focused on a music TV channel that Mr. Combs envisioned as a cultural hub akin to ESPN for sports and CNN for news. The company has since shifted its focus to digital content and podcasts.

Other Allegations

Mr. Combs’ business and business ventures have faced turmoil since Ms. Ventura’s lawsuit in November.

Although the lawsuit was settled, five additional lawsuits with similar allegations from other individuals soon followed.

Federal authorities also conducted raids on Mr. Combs’ properties in Los Angeles and Miami in March, although no charges have been filed to date.

At least 18 businesses cut ties with Mr. Comb’s business venture “Empower Global” in the wake of the sexual assault allegations.

Initially, Mr. Combs denied all allegations, but a video obtained by CNN  released in May showing him assaulting Ms. Ventura in a hotel hallway led to a public apology on Instagram. “My behavior on that video is inexcusable,” Mr Combs stated.

He has stated he has sought out professional help.

This frame grab taken from hotel security camera video and aired by CNN appears to show Sean “Diddy” Combs attacking singer Cassie in a Los Angeles hotel hallway in March 2016. Hotel Security Camera Video/CNN via AP