Diddy Reportedly Sells All of His Revolt TV Shares Amid Lawsuits, Home Raids (UPDATED)

Revolt launched in broadcast in October 2013 as a new voice for Black culture and focused on hip-hop coverage.

Jemal Countess / Getty Images for Congressional Black Caucus Annual Legislative Conference

UPDATED March 28, 3:08 p.m. ET: Richelieu Dennis, the former CEO of SheaMoisture who acquired Essence in 2018, is the reported buyer of Revolt TV.

According to Page Six, Dennis is the new owner of the platform, which comes just four years after Dennis stepped down as Essence CEO (but remains as chairman) at the demands of employees who cited issues in the workplace.

"The deal is already done, and they are getting ready to announce it in the upcoming days," an insider told Page Six about Dennius' purchase of Revolt. "But of course, now with the raid and everything else going on, it will appear as though he is purchasing after the fact."

The insider added, "It was important [to] Sean to get a buyer that was African American because he wants to keep the legacy of having a Black-owned business. He started it off that way and he wants it to continue on that path."

See original story below.

One day after Homeland Security decended upon his residences in Los Angeles and Miami, Diddy has reportedly relinquished his Revolt TV shares.

Alongside co-founder and entertainment mogul Andy Schuon, Revolt was launched on Oct. 21, 2013, and over ten years later, the multimedia business will remain Black-owned, albeit under a new owner. According to TMZ, Diddy sold off his entire shares to an anonymous buyer who's opted not to have their identity revealed just yet.

A "formal introduction" will reportedly be made "in the coming weeks," just three months after Diddy stepped down as Revolt chairman. Apparently, the sale was intended to happen since Diddy's departure. Revolt CEO Detavio Samuels and Chief Brand Officer Deon Graham will continue with the network under its new ownership, while there will be no changes within the staff and production employees.

Programs and podcasts on Revolt include Caresha Please, Drink Champs, Funny AF Black Girl Stuff and others, but currently, there's no further information about whether the shows will move forward on the platform.

Diddy stepped down from the company amid his numerous sexual assault lawsuits, namely, one that was issued and later settled with his ex-girlfriend, Casandra "Cassie" Ventura. On Monday, the raids on his aforementioned Miami and Los Angeles properties took place, with his two sons, Justin and Christian Combs, being handcuffed at the L.A. estate, as Diddy was reportedly in Florida.

Rahman Dukes, who helped launch Revolt TV and was the former VP of News and Programming, appeared on CNN to share his perspective on the raids. Dukes was also asked if he saw any of Diddy's alleged behavior while working with him.

"It was a complete shock," Dukes said. "Around my time around Sean, he kept a nice atmosphere around him. They love to party. They love feeling good. They love good vibes, good energy. I myself have not personally seen it. But it is an environment. It is apart of what comes with our culture. Justice is definitely deserving to anyone that has been victimized but I myself haven't seen none of this at all."

Dukes also commented on 50 Cent getting involved with the Diddy headlines through social media.

"Hip-hop is competitive," Dukes said. "The big dogs clash at the top. 50 and Puff had a relationship, a musical relationship. Friends. Along the lines, it tends to get competitive. Your music, your net worth, etc. This is where we come from. I know deep down in his heart that 50 doesn't want anyone to go to jail."

In addition, alleged "drug mule" Brendan Paul was arrested at Miami-Opa Locka Airport on the charges of cocaine and marijuana possession. Diddy's private jet, LoveAir LLC, was stationed in Antigua on Monday.

Twitter: @revolttv

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