Troubled hip-hop mogul Sean “Diddy” Combs has sold his stake in his media company Revolt as a slew of sexual assault allegations pile up against him, the company said Tuesday.
“Shares held by the company’s former chair, Sean ‘Diddy’ Combs, have been fully redeemed and retired,” Revolt said in a statement, adding that it will remain Black-owned and operated.
Revolt, which is behind series such as “Drinks Champs,” was co-founded by Combs and Andy Shuon in 2013 with the mantra to empower and tell stories of black people.
Combs — who is fight a number of legal battles and sexual assault charges including alleged assault of his former girlfriend Cassie Ventura — stepped away from Revolt in November 2023.
“As the company continues to pioneer a new era of entertainment that empowers creators and establishes a new media model, this transformative structure ensures that the employees who are driving the company’s growth also have the opportunity to benefit from its success,” the company added.
Ventura, who was signed to Combs’ music label, Bad Boy, accused him in a bombshell lawsuit last November of physical abuse and sexual assault during their relationship.
The two began dating in 2005, when she was 19 and he was 37.
Ventura also alleged that he raped her when she tried to leave him. One day after she filed her lawsuit, they settled on undisclosed terms.
At the time, Combs’ lawyer said that the settlement “is in no way an admission of wrongdoing.”
The same month, Combs was slapped with multiple sexual assault allegations, which led to the artist to stepping down as chairman of Revolt. Combs has denied any wrongdoing.
Since then, he has been sued by four women, as well as by a music producer on his most recent album who accused Combs of sexually harassing, drugging and threatening her over more than a year.
In March, Combs’ homes in Los Angeles and Miami were raided, and he became the subject of a federal investigation, according to reports.
Last month, two days after CNN obtained a distrurbing video referenced in Ventura’s lawsuit that shows Combs kicking, striking and dragging his then-girlfriend in a hotel in Los Angeles, he issued a video apology on Instagram.
“It’s so difficult to reflect on the darkest times in your life, but sometimes you got to do that,” Combs said in the video. “I hit rock bottom — but I make no excuses. My behavior on that video is inexcusable. I take full responsibility for my actions in that video. I’m disgusted. I was disgusted then when I did it. I’m disgusted now.
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