Revolt employees now become the largest shareholder group of the media company, The New York Times reports.
As AFROTECH™ previously reported, Diddy had exited his position as chairman of Revolt TV and sold his remaining shares to an anonymous buyer.
Now it has been announced by Revolt CEO Detavio Samuels that Diddy has officially separated from the company he founded in 2013 alongside Andy Schuon.
“One-hundred percent of Sean Combs’s shares have been redeemed and retired,” Samuels said, according to The New York Times. “He is no longer chairman. He is no longer on the board. He has no shares, no equity in Revolt. We have completely separated and dissociated from each other.”
The majority of Revolt’s employees, which consists of about 80% people of color, are now the company’s largest shareholder group, the outlet notes. The initial value of Diddy’s shares in the company is unclear.
“Today marks one of the biggest days we’ve seen at REVOLT and in media (especially Black media),” Samuels wrote on LinkedIn. “We’ve all heard the widespread speculation over the past several months about REVOLT’s ownership status. Has REVOLT been sold? Did our majority ownership change? Was the company acquired? Well, the speculation ends here because REVOLT does have new ownership—and I couldn’t be more proud to say that our largest shareholder group will now be our employees.”
He added, “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. The transformative change we’re creating can only happen with teams of dedicated people, a community inspired by what we are doing, partners who believe in our vision, and a culture that crosses every border. There’s so much more to come as we continue our journey—not just as a media company, but as the engine for transformative change we are committed to being. We’re pioneering a new era of entertainment, becoming the largest Black storytelling engine powered by creators & fueled by our culture, and now, ensuring that those driving our growth have the opportunity to benefit from its success.”
