Would you like to receive notifications on latest updates of the following headlines?

Sean Combs Sells Majority Stake in Revolt Amid Legal Issues

POSTED ON June 5, 2024 •   Entertainment      BY Ebiakuboere England
Estranged American Rapper and Business Mogul Sean Combs

American Hip Hop Star and music Executive, Sean Combs aka Diddy have parted ways with the media company he founded, Revolt, selling his majority stake in the company which is now owned by employees amid several lawsuits alleging sexual assault.

Before Revolt announced its new leadership, CEO Detavio Samuels told The New York Times that Diddy and the company were now "completely separated and dissociated from each other." Diddy further added that he is no longer on the board and has no equity in Revolt.

In a statement, the business informed the media outlet."Sean "Diddy" Combs, the former chair of the company, has had all of his shares fully redeemed and retired." 

"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."

Revolt, according to NBC News, "will remain Black-owned and operated."

Diddy resigned as Revolt's chairman in November after his ex-girlfriend Cassie Ventura and two other women accused him of sexual assault and abuse; at the time, the company stated that he had previously had "no operational or day-to-day role in the business."

At the time, Revolt issued a social media statement saying that the "I'll Be Missing You" artist would no longer serve as the network's chairman, while a spokesman for the rapper told PEOPLE that it was a temporary change.

READ ALSO
Alaafin’s daughter accuses ex-wife of paternity fraud
BY Abiodun Saheed Omodara January 18, 2025 0

OYO, Nigeria - In a startling claim, Adeyemi Aminat, the daughter of the late Alaafin of Oyo, has ac...

READ ALSO
China-Nigeria Partnership: Strengthening Ties Through Culture and Development
BY Abiodun Saheed Omodara January 2, 2025 0

The CEO of NTA-StarTimes TV, Joshua Wong, has reaffirmed China’s commitment to bolstering its...

READ ALSO
Selena Gomez, Benny Blanco announce engagement on Instagram
BY Benedicta Bassey December 12, 2024 0

Selena Gomez and Benny Blanco have on Thursday announced their engagement with heartfelt Instagram p...

READ ALSO
Actress Omotola Jalade-Ekeinde reveals battle with gallbladder, undergoes surgery
BY Benedicta Bassey November 29, 2024 0

NIGERIA — Veteran Nollywood star Omotola Jalade-Ekeinde has revealed her battle with a life-th...

READ ALSO
Beyoncé Shatters Records and Redefines Genre Boundaries in the 2025 Grammy Nominations
BY ROCKETPARROT.com staff November 9, 2024 0

In an unprecedented sweep, Beyoncé has become the most nominated artist in Grammy history, a...

READ ALSO
Adriano's Decline: From Football Glory to Favela Streets
BY ROCKETPARROT.com staff November 3, 2024 0

Health concerns arise as a recent video surfaces showing Adriano, the former Inter Milan and Brazil...

READ ALSO
Nile Group collaborates with Ooni of Ife to manage his theaters
BY Ebiakuboere England October 31, 2024 0

His Imperial Majesty, the Ooni of Ife, and Nile Cinemas have inked a historic management contract fo...

READ ALSO
Bruno Mars tops Spotify monthly listeners record
BY Ebiakuboere England October 31, 2024 0

Grammy-winning singer Bruno Mars has broken the previous record with 120,862,858 monthly Spotify lis...

OUR CHANNELS:

EU assures continue support for Nigeria’s democracy
BY Abiodun Saheed Omodara January 30, 2025 0

ABUJA – The European Union (EU) has reaffirmed its unwavering commitment to strengthening...


Tinubu Returns to Nigeria From Tanzania
BY Abiodun Saheed Omodara January 30, 2025 0

President Bola Tinubu has returned to Abuja following his attendance at the Africa Heads of State En...


Obi emphasises focus on Nigerians' welfare, seek coalition for 2027 elections
BY Abiodun Saheed Omodara January 30, 2025 0

Labour Party presidential candidate Peter Obi has expressed his willingness to a coalition ahead of...


FAAN ease traffic congestion, suspends access gate fees at Abuja Airport
BY Abiodun Saheed Omodara January 28, 2025 0

The Federal Airports Authority of Nigeria has announced the suspension of all access gate fees at th...


Obasa challenges removal as Speaker, Denies corruption allegations
BY Abiodun Saheed Omodara January 27, 2025 0

The impeached Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has faulted his removal...


Court orders woman to pay N150, 000 for boyfriend emotional distress
BY Abiodun Saheed Omodara January 27, 2025 0

A Magistrate Court in Ilesa, Osun State, has ordered Rhoda Adu to pay N150,000 in damages for not vi...


U.S. halts all foreign aid, exempt Israel, Egypt amid 'America First' Policy Shift
BY Abiodun Saheed Omodara January 30, 2025 0

USA (AFP) - The United States, the largest donor globally, halted nearly all foreign aid on Friday,...


NELFUND reaffirms commitment to affordable education
BY Abiodun Saheed Omodara January 28, 2025 0

The Managing Director of the Nigerian Education Loan Fund (NELFUND), Akintunde Sawyerr, has reiterat...


Edo report eight Lassa Fever deaths, 56 cases
BY Abiodun Saheed Omodara January 26, 2025 0

Edo State has reported 56 cases of Lassa Fever and eight fatalities from December 30, 2024, to Janua...


Olamide teases fans with new project announcement, After Idan Buruku
BY Abiodun Saheed Omodara January 25, 2025 0

After thrilling fans with "Idan Buruku," an electrifying freestyle that takes listeners back in time...


More Articles

Load more...

Menu