Sean “Diddy” Combs has reportedly sold off his large stake in his media empire Revolt TV amid sexual assault allegations and a federal raid.
The music mogul stepped down from his role as chairman in November but has sold his remaining shares of Revolt to an anonymous buyer, according to TMZ.
The report notes that the company will remain Black-owned but financial terms of the deal were not disclosed.
Revolt TV’s new owner will be apparently keeping their identity under wraps for now but will eventually have a formal introduction as the head of the media company.
The deal, which was reportedly finalized this week, sees Revolt’s current CEO, Detavio Samuels, and chief brand officer, Deon Graham, remaining in their roles for the time being.
Us Weekly has reached out to Diddy’s representative for comment.
The news follows Combs’ Miami and Los Angeles homes being raided by federal agents on Monday, March 25.
“Homeland Security Investigations New York executed law enforcement actions as part of an ongoing investigation with assistance from HSI Los Angeles, HSI Miami and our local law enforcement partners,” Homeland Security told Us Weekly in a statement shortly after the raids took place. “We will provide further information as it becomes available.”
Diddy’s lawyer has since said that Homeland Security Investigation officials used excessive force in an “unprecedented ambush”.
Yesterday, there was a gross overuse of military-level force as search warrants were executed at Mr. Combs’ residences,” Combs’ Aaron Dyer, told Us in a statement on Tuesday, March 26.
“There is no excuse for the excessive show of force and hostility exhibited by authorities or the way his children and employees were treated.”
The raid on Diddy’s homes comes months after his ex-girlfriend Cassie (real name Casandra Ventura), whom he dated on and off from 2007 to 2018, accused him of rape and repeated sexual abuse in a lawsuit. One day after the suit made headlines, the pair announced that they had reached a settlement.
Since Cassie’s lawsuit, multiple people have come forward also accusing Diddy of sexual assault. He has denied all allegations. It is unclear if there is a connection between their allegations and the raids on Diddy’s homes.
