Hip-hop tycoon Sean Combs, who is currently embroiled in escalating sexual assault accusations, has divested his controlling interest in Revolt, the media company disclosed on Tuesday.
In a statement cited by NBC News, Revolt declared, “The shares previously owned by the company’s ex-chair, Sean ‘Diddy’ Combs, have been completely bought back and nullified.”
Emphasising its commitment to Black ownership and management, the company affirmed that it will continue to be Black-owned and run.
“As the company continues to pioneer a new era of entertainment that empowers creators and establishes a new media model, this transformative structure ensures that the employees who are driving the company’s growth also have the opportunity to benefit from its success,” it said.
The New York Times was the first to report the development.
Revolt launched more than a decade ago. Combs has said he founded it to empower and tell the stories of Black people.
“Drink Champs” and “Caresha Please” are among its most popular video podcasts.
A trailblazer in hip-hop, media and fashion — having also created the Bad Boy music label and the Sean John clothing line—Combs’ business portfolio has been threatened since he was sued in November by his former longtime girlfriend Cassie.
The singer and model, whose real name is Casandra Ventura, accused him in a bombshell lawsuit of physical abuse and sexual assault during their relationship.