Diddy Sells Stake In Revolt, Media Platform's Employees Become New Owners

Since Diddy is going through chaos and has sold his stake in Revolt, there are new owners of the media platform.

No, it’s not another high-profile music mogul. Revolt CEO Detavio Samuels revealed that the group that will lead the media platform into the future is its very own employees.

"Shares held by the company’s former chair, Sean “Diddy” Combs, have been fully redeemed and retired," according to the Revolt website.

"Today was a good day 👊🏾. I’m excited to end the speculation of the past several months and confirm REVOLT’s new ownership: our employees. We remain Black-owned and operated, and now, we’ve created a structure that gives each of our current and future employees an equity stake in the company they work so hard every day to build," Samuels shared on Instagram.

Samuels said that employees of Revolt will, in fact, hold the biggest pool of equity in the company, including other shareholders holding smaller pools of capital. In this situation, there isn’t one single majority owner, yet there is a board of directors overseeing the company. Still, Samuels said the other shareholders are “all people who have been along for the ride for a long time.”

Revolt embarked over a decade ago as a cable TV play, and it was founded by Diddy himself. He focused on “carving out a piece of the pay-tv business with a music focused channel for young consumers."

Although Revolt has pivoted a few times since then, changing its leadership, the platform remained a product of the controversial Puffy. But since a serious allegation regarding sexual assault and federal trafficking investigation emerged, Diddy stepped down as an executive chairman of Revolt late last year, disposing of his large stake in the company.

Samuels, though, said the company didn’t lose any business due to the link with Puff Daddy.

“I’m grateful for this team that stood in the midst of the fire and didn’t crumble, and I’m grateful for those advertisers and brands who stood by us,” Samuels shared in a past interview with The Hollywood Reporter. “I think they recognize that if Revolt leaves the Black-owned media ecosystem, that is quite a loss. So whether they spoke to us or they didn’t, behind the scenes, they kept us protected and kept investing in Revolt. The purpose of the company isn’t shifting, regardless of who owns it or who doesn’t own it.”

Photo Credit: Revolt