Six months after he stepped down as chairman of Revolt, the media company he co-founded in 2013, Sean “Diddy” Combs has sold his stake in the business amid a plethora of legal issues.
Revolt will now be owned by its employees, the company announced Tuesday.
“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,” the statement reads.
“The allocation of equity participation will be rolled out over the next few months. We’re working diligently to ensure a smooth and fair distribution process.”
The announcement continues, “Aligned with REVOLT’s mission of changing the narrative of Black culture globally, this unprecedented move sets a new industry standard that will provide equity participation opportunities for current and future employees — many of whom come from groups that have been historically disenfranchised from such opportunities.”
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The conclusion of the message reads: “Shares held by the company’s former chair, Sean ‘Diddy’ Combs, have been fully redeemed and retired.”
USA TODAY has reached out to representatives for Combs for comment.
CEO says Revolt and Diddy ‘have completely separated and dissociated from each other’
According to its website, Revolt’s digital footprint spans “scripted, unscripted…
