Sean “Diddy” Combs, the embattled music producer facing multiple sexual assault allegations, has announced the sale of his majority stake in media company Revolt, which he founded.
The company disclosed that its employees will now hold the majority ownership.
“Sean “Diddy” Combs’ shares have been fully redeemed and retired,” Revolt stated in a statement.
Established in 2013 by Combs, Revolt was intended to be a music-oriented cable channel showcasing Black talent.
“The new ownership structure of REVOLT provides employees with an equity stake as the company, while maintaining being Black-owned and operated, remains committed to achieving the status of the largest media company powered by creators and fueled by culture,” the company declared.
Despite the backlash, both personal and financial, Combs continues to encounter due to the multiple civil lawsuits accusing him of abuse and sexual assault over three decades.
Over the past few months, more than 20 companies, such as Peloton and America’s Best Contacts & Eyeglasses, have terminated partnerships with Combs.
Following the accumulating accusations, Combs relinquished his position as chairman of Revolt and initiated the sale of his shares in the company.
According to Rolling Stone, more than a dozen companies have disassociated themselves from Combs’ recently launched e-commerce site Empower Global.
Capital Preparatory Schools, a charter school co-founded by Combs, reportedly ended its collaboration with the music producer in November, as stated by Vulture.
Combs has been the target of seven civil suits in the last eight months, each containing numerous troubling allegations.
Singer Casandra “Cassie” Ventura, who engaged in a decade-long relationship with Combs in the early 2000s, filed a lawsuit in New York federal court last November alleging sex trafficking, human trafficking, sexual battery, sexual assault, and gender-motivated violence, among other charges.
Although she settled the lawsuit with her former partner within a day, her legal action prompted several additional alleged victims to step forward.
Surveillance footage from 2016 at a hotel revealed what appeared to be Combs violently assaulting, kicking, and shoving Ventura at the InterContinental Hotel in the Century City neighborhood of Los Angeles, which is now closed.
Two days following this incident, Combs released an apology video admitting to beating Ventura in the hotel hallway.
