As reported by Variety, Revolt has unveiled a new ownership structure following the departure of its founder, Sean “Diddy” Combs, from his role as chairman of the television and media company.
Under the new ownership arrangement, current employees will form the largest shareholder group of Revolt, as Combs' shares have been fully redeemed and retired.
In an interview with Variety, Detavio Samuels, Revolt CEO, stated, “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.” He added, “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.”
The allocation of employee participation will occur over the next few months as Revolt pledges to provide staff members with a detailed explanation of the process. The shift in ownership comes after numerous reports of affluent investors seeking to buy Combs’ stake in the company, including Essence Ventures CEO Richelieu Dennis.
Significantly, Revolt, a company where about 80% of the staff are people of color, will remain Black-owned under the new structure. Samuels emphasized, “There’s no structure that we would have accepted that was not Black-owned.”
Monique Chenault, president of Revolt Studios, underscored the company's commitment to uplifting underrepresented voices, stating, “For the first time, this group gets a chance at that kind of equity.”
Regarding the future direction of Revolt, Samuels highlighted the continued focus on creating more women-led and women-targeted shows and emphasized Revolt's commitment to Revolt Sports.
Combs exited Revolt in November 2023 following a rape accusation from former girlfriend Casandra Ventura, better known as the R&B star Cassie, who recorded for Combs’ Bad Boy record label. Cassie accused Combs of raping and beating her over a period of ten years; Combs denied the allegations. In May, CNN released leaked footage captured by surveillance cameras that appears to depict Combs violently assaulting Cassie in a Los Angeles hotel. Combs admitted to “inexcusable” behavior in a video statement posted to Instagram, saying, “I take full responsibility for my actions in that video.” In recent months, Combs has been the recipient of numerous lawsuits and sexual misconduct allegations.
Prior to these allegations, Combs had transferred his stake in the music-publishing rights of certain artists on his Bad Boy label to those artists. Terms of these transfers were said to require NDA’s (non-disclosure agreements) that would bar former artists from expressing despairing comments regarding Combs publicly. This move, which garnered mixed reactions, has been questioned for its authenticity in light of the recent events surrounding Combs.
Announcing Combs’ departure, Revolt emphasized its commitment to creating meaningful content for the culture and amplifying the voices of all Black people.
“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.”