Radio & Music News Weekly
Sean ‘Diddy’ Combs Divests From Revolt Media Company
SEAN COMBS, facing legal actions over allegations of sexual and physical abuse, has sold his majority stake in REVOLT, the media company he founded, reported the NEW YORK TIMES.
According to the TIMES, CEO DETAVIO SAMUELS said in an interview prior to the announcement, “The largest shareholder group at REVOLT, a private company, is now made up of employees. One hundred percent of SEAN COMBS’s shares have been redeemed and retired. 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.”
SAMUELS told The HOLLYWOOD REPORTER, “I think there’s been a lot of speculation around who owned REVOLT, who was going to own REVOLT. And while we’ve been well aware of the rumors over the last several months, I would say that it was important for us to stay the course on this specific approach. What makes me excited about the news to share TODAY (6/4) is just the realization that we didn’t need anybody else, that we were the ones that we have been looking for the whole time.”
The company plans on remaining Black-owned and operated.
For the TIMES story, click here.
For The Hollywood Reporter story, click here.