Though Diddy is in the midst of a whirlwind of problems with the recent raids at his homes, the embattled mogul is still finding time to make business moves…even if his hand is forced to do so.
Just a day after his Los Angeles and Miami homes were raided by federal agents in what he called a “witch hunt”, news broke that the 54-year-old artist reached a deal to sell his remaining stake in Revolt TV after leaving his post as Chairman last November amid the numerous sexual assault allegations levied against him.
According to TMZ, Diddy’s stake in the network was sold for an undisclosed amount to a buyer who wishes to remain anonymous for now. It was notated that Diddy’s shares will remain “black-owned” and that the buyer plans to make an announcement about the transaction “in the coming weeks.”
Both current CEO of the network, Detavio Samuels and Chief Brand Officer, Deon Graham will remain in their role at this time.
After a lawsuit brought on by ex-girlfriend Cassie kickstarted a flurry of sexual assault allegations in November 2003, Combs released a statement on the Revolt Instagram page detailing his plans to “temporary” step down in his role as chairman of the Network.
“Sean Combs has stepped down from his position as chairman of Revolt,” read the captioned message. “While Mr. Combs has previously had no operational or day-to-day role in the business, this decision helps to ensure that Revolt remains steadfastly focused on our mission to create meaningful content for the culture and amplify the voices of all Black people throughout this country and the African diaspora.”
