Sean “Diddy” Combs has sold off his stake in Revolt, the media company the rapper and entrepreneur founded more than a decade ago.
Shares in Revolt held by Combs, who was the company’s chairman, have been fully redeemed and retired, the Los Angeles-based company said on Tuesday a statement on its website.
Revolt did not 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, chief executive Detavio Samuels said that when he joined the company in 2020 he realised “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.
The move comes as Combs’ reputation has been sullied after several lawsuits filed late last year that raised allegations of sexual assault and rape on the part of one of hip-hop’s most recognisable performers and producers.
In November, he was sued by R&B singer Cassie, who said he subjected her to a years-long abusive relationship that included beatings and rape.
Combs settled the lawsuit with Cassie, whose full name is Casandra Ventura, a few days after it was filed.
