Sean “Diddy” Combs has stepped down as the chairman of his media company, Revolt, leaving employees as the majority shareholder in the company he founded. Combs’ shares of the company have been redeemed and retired, per a report from Variety, and the company has announced new ownership.
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“This is something that we’ve been looking to do, waiting to do, believing that the people who give this company their blood, sweat and tears should have some sort of upside opportunity if and when we win,” Detavio Samuels, current CEO of Revolt, told Variety. “All of the data suggests that the companies that have incentive pools for their employees outperform the rest. They perform better financially, they perform better with company morale and culture and they perform better as it relates to retention.”
Revolt is promising its staff a detailed breakdown of the next steps to becoming employee-owned. Additionally, participation will be allocated in the next few months. Under the new ownership structure, Revolt will remain Black-owned, as 80% of employees are people of color. This is a notable achievement as other investors seek to buy Combs’ share of the company.
Monique Chenault, president of Revolt Studios, also told Variety, “We seek out and embrace the genius of the underdog … the voices that have been traditionally silenced. For the first time, this group gets a chance at that kind of equity.”
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Diddy’s Company Will Seemingly Thrive Without Diddy
Samuels made it clear in the interview that Revolt remains completely severed from Diddy. Additionally, they have big plans for the future. According to the CEO, Revolt will focus both on sports and on “continuing to create more women-led and women-targeted shows.”
Diddy has been subsequently released from his responsibilities and shares in companies and record labels. These moves followed Casandra “Cassie” Ventura’s lawsuit against him in 2023. The suit alleges rape and abuse on multiple occasions.
After the lawsuit, Diddy turned over his stake in some artists on his Bad Boy record label. This move returned their music publishing rights to them. Now, he released his majority shares of Revolt, leading to a landmark moment for the company.
Revolt announced Diddy’s departure with a statement, which reads, “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.”
Featured Image by Jemal Countess/Getty Images for Congressional Black Caucus Foundation
