Rapper Sean “Diddy” Combs has parted ways with the media company he founded, Revolt, selling his majority stake in the company—which is now primarily owned by employees—amid a number of lawsuits alleging sexual assault.
Revolt CEO Detavio Samuels told The New York Times before
Revolt announced its new leadership on Tuesday that Diddy and the company were
now “completely separated and dissociated from each other,” adding Diddy is no
longer on the board and has no shares or equity in Revolt.
Diddy stepped down as Revolt’s chairman last November after
his ex-girlfriend Cassie Ventura and two other women accused him of sexual
assault and abuse, and at that time the company said he had previously had “no
operational or day-to-day role in the business.”
Revolt announced in a press release that the projected
largest shareholder group in its new ownership structure is current employees
in an effort to “ensure that the employees who are driving the company’s growth
also have the opportunity to benefit from its success.”
Diddy founded Revolt in 2013 as a music-focused cable
channel, though it has since morphed into a broader company and markets itself
as “the leading multi-platform media company for creators shaping Hip Hop and
youth culture globally.”
When he launched
Revolt, Diddy told Forbes he was hoping to fill the “gaping hole” left when MTV
stopped playing music videos and that Revolt was “an audience company that
specializes in Millennials.”
The company is now best known for its video podcasts like
“Drink Champs” and “The Jason Lee Sho,” The New York Times reported, and about
80% of its employees are people of color. Diddy has faced increased
scrutiny—and lawsuits—since Ventura sued him for assault last November.
Though her case settled just one day after it was filed,
Diddy was hit with at least three more assault lawsuits by the end of the year,
and at least one more in February.
In March, Diddy’s Los Angeles and Miami homes were raided by
federal agents allegedly working on a sex trafficking investigation, though the
rapper has not been formally charged.
Last month, a 2016 video was released of Diddy beating Ventura in a hotel hallway, leading to Diddy apologizing for his actions. Another lawsuit alleging sexual assault was filed on May 24 after the video was released.