Diddy no longer owns REVOLT, the television network he co-founded in 2013. According to TMZ, the embattled mogul sold off all his REVOLT shares in a deal completed this week.
The network reportedly remained Black-owned, but the new boss hoped to stay anonymous until a formal introduction occurred in the coming weeks. Terms of the deal were not disclosed.
Diddy, whose real name is Sean Combs, sold his ownership stake in REVOLT months after stepping down as the network’s chairman. He stepped down amid allegations of sexual assault, which emerged once his ex Cassie sued him for rape and years of abuse in 2023.
“While Mr. Combs has previously had no operational or day-today role in the business, this decision helps ensure that REVOLT remains steadfastly focused on our mission to create meaningful content for the culture and amplify the voices of all Black people through this country and the African diaspora,” REVOLT said in November 2023. “Our focus has always been one that reflects our commitment ot the collective journey of REVOLT – one that is not driven by any individual, but the shared efforts and values of our entire team on behalf of advancing, elevating and championing our culture – and that continues.”
Diddy quickly settled with Cassie out of court, but more women sued him for sexual abuse. Two accusers said they were teenagers when the Bad Boy Records founder sexually assaulted them. Former Bad Boy president Harve Pierre and singer Aaron Hall were implicated in the lawsuits.
Producer Lil Rod joined the list of accusers by filing a lawsuit against Diddy in February. Lil Rod sued Diddy for sexual assault and harassment, among other allegations.
Lil Rod said he was drugged, groomed and abused while living and traveling with Diddy from September 2022 to November 2023. The producer claimed he had evidence of Diddy “engaging in serious illegal activity.”
Diddy is the subject of a federal investigation, which led to his Los Angeles and Miami homes getting raided on Monday (March 25). The feds are looking into allegations of sex trafficking, sexual assault and more. Diddy has not been charged with any crimes as of yet.