LOS ANGELES (AP) — Sean “Diddy” Combs has bought off his stake in Revolt, the media firm the rapper and entrepreneur based over a decade in the past.
Shares in Revolt held by Combs, who served as the corporate’s chair, have been absolutely redeemed and retired, the Los Angeles-based firm stated Tuesday an announcement on its web site.
Revolt didn’t disclose how a lot Combs was paid for his stake within the hip-hop information and leisure firm, which he based in 2013.
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Within the assertion, CEO Detavio Samuels famous that when he joined the corporate in 2020 he realized “our mission is greater than any particular person.”
Revolt additionally introduced a brand new possession construction that may give its staff an fairness stake within the firm, which streams reveals on-line, comparable to “Black Lady Stuff,” and “The Lifetime of Draco,” that includes rapper Massive Draco.
The transfer comes as Combs’ status has been sullied following a number of lawsuits filed late final yr that raised allegations of sexual assault and rape on the a part of considered one of hip-hop’s most recognizable performers and producers.
In November, he was sued by R&B singer Cassie, who stated he subjected her to a yearslong abusive relationship that included beatings and rape. Combs settled the lawsuit with Cassie, whose full title is Casandra Ventura, just a few days after it was filed.
