Sean “Diddy” Combs has sold his stake in Revolt, the media company he founded over a decade ago. The Los Angeles-based company announced that shares owned by Combs have been fully redeemed and retired, though the exact amount he was paid for his stake in the hip-hop news and entertainment company was not disclosed. The CEO of Revolt, Detavio Samuels, emphasized that the company’s mission is larger than any individual, signaling a shift in ownership structure.
Revolt also revealed a new ownership structure that will give its employees an equity stake in the company, in an effort to empower its workforce. The company streams shows online, including popular titles like “Black Girl Stuff” and “The Life of Draco” featuring rapper Big Draco. This move comes amidst a shift in Combs’ reputation, following several lawsuits filed late last year that alleged sexual assault and rape on his part. In one lawsuit, R&B singer Cassie accused Combs of subjecting her to a yearslong abusive relationship that included beatings and rape, leading to a settlement between the two parties.
Combs has been a prominent figure in hip-hop culture for many years, known for his music, entrepreneurial ventures, and philanthropic efforts. The sale of his stake in Revolt marks a significant change in his involvement with the company he founded in 2013. As the media landscape continues to evolve, Revolt’s decision to involve employees in its ownership structure reflects a growing trend of empowering workers in the industry, particularly in the wake of controversies surrounding prominent figures.
The entertainment industry has faced increasing scrutiny over issues of representation, diversity, and accountability in recent years. The #MeToo movement, in particular, has brought attention to issues of sexual misconduct and abuse of power in various sectors, including music and media. By addressing these concerns and implementing changes in its ownership structure, Revolt is taking steps to foster a more inclusive and equitable workplace culture.
As the media landscape becomes more competitive and diverse, companies like Revolt are recognizing the importance of prioritizing ethical practices, accountability, and transparency. By involving employees in the ownership structure, Revolt is signaling its commitment to empowering its workforce and fostering a culture of collaboration and unity. While the sale of Combs’ stake in the company marks a shift in leadership, the move towards employee ownership signifies a new era for Revolt and its efforts to remain relevant and impactful in the ever-changing media industry.
