While Sean “Diddy” Combs has sold all shares in Revolt, speculation remains about the company’s new mystery buyer.
In a previous report shared by AFROTECH™, the transaction, which is said to be “amicable and has left everyone happy,” still does not disclose who the new company owner is or the deal’s value.
Per The Hollywood Reporter, Revolt launched in 2013 and was created as a first-of-its-kind channel in the cable television network space.
The company honed in on how millennials, also known as the generation of “cord-cutters,” were disrupting how music and entertainment were consumed.
“You have more and more bands and artists going across the whole ecosystem. Music is very healthy,” Keith Clinkscales, who helped launch Vibe magazine and former Revolt chief executive officer (CEO), told the outlet in 2013.
He added, “To have a place that can be the center of that, we would like to earn that position by reaching our fans well. We have to have good access and engage with the artists, and we have to be able to provide sponsors, advertisers, and record companies with a place where we can meet.”
Now, over 10 years later, the company’s essential programming is still centered around Black music and culture. They have also added the pillars of news and social justice into their content.
The news of the shares comes just a few months after the Bad Boy Records label founder revealed his decision to step down as Revolt’s chairman.
In a previous interview with current CEO Detavio Samuels, AFROTECH™ learned more about the new direction that the company has been going in over the last three years.
“The mission is to create the largest Black global media empire that ever existed, and in that world, we can take care of our people,” said Samuels to AFROTECH™.
He continued, “We’re an interesting hybrid of the streets meets culture. We have enough people who can translate between the streets and corporate to make it work…I actually don’t think it’s repeatable by other people.”
As we recently covered, Samuels and Revolt’s Chief Brand Officer (CBO), Deon Graham, remain in their positions of leadership.
Additionally, reports confirm that there will be no major changes to staffing and production for current Revolt employees.
As the new sole proprietor begins to transition into the new role, Graham and Samuels will also assume the responsibility of ensuring that there is a seamless new chapter for the company.
In addition to that, the new owner will also begin to implement their new vision and direction for the company in months to follow, TMZ reports.
“Black culture is global culture,” Samuels told The Hollywood Reporter. “We believe that we are the future of digital media, that we are currently, and we will continue to be.”
Although the buyer’s identity has not been confirmed, sources forecast that the news will be shared in the forthcoming weeks.
