Sean “Diddy” Combs has officially parted ways with Revolt, a multi-media company and cable network he founded in 2013.
Revolt CEO Detavio Samuels announced a new leadership structure on Tuesday, June 4, and said Diddy is no longer affiliated with the company.
“One hundred percent of Sean Combs’ shares have been redeemed and retired,” Samuels told the New York 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.”
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Samuels said the mogul “agreed to start the process of separation” in January as he battled multiple lawsuits alleging sexual abuse. Samuels declined to say how much Diddy was paid for his stake in the company.
Revolt features programming dedicated to urban contemporary music, as well as shows and podcasts on pop culture and social justice issues important to the African-American community.
Diddy stepped down as chairman in November 2023, after his ex-girlfriend Cassie Ventura and two other women filed civil lawsuits against him alleging sexual abuse. At the time, Revolt said the Bad Boy Records founder had “no operational or day-to-day role in the business.”
Revolt announced in a press release earlier today that current and future employees will receive equity in the company, making them the largest shareholder group under the new structure.
“This transformative structure ensures that the employees who are driving the company’s growth also have the opportunity to benefit from its success,” the company said.
Revolt included a picture of several staffers in the press release, many of whom are people of color.
“With the transition to a model where employees will have equity participation, Revolt is leading an approach that promotes an opportunity to build wealth for typically underrepresented communities and creating opportunities for advancement,” the company said.
Since November, a total of eight lawsuits have been filed against Diddy. All but one complaint accused him of sexual assault.
The other suit accused him of aiding and abetting his son Christian Combs, who is alleged to have sexually assaulted a yacht stewardess on a boat his father chartered for a New Year’s Eve celebration in December 2022.
Both Sean Combs and Christian Combs have denied all of the allegations.
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