Revolt has announced a new ownership structure after its founder, Sean “Diddy” Combs, stepped aside as chairman of the television and media company.
Current employees will become the largest shareholder group of Revolt as Combs’ shares of the company have been fully redeemed and retired, The New York Times reports. According to the Times, CEO Detavio Samuels declined to disclose how much Combs was paid for his stake.
Employee participation will be allocated over the coming months as Revolt promises staff members a detailed breakdown of the process.
The change in ownership comes after various reports of big-money investors seeking to buy Combs’ stake in the company, including Essence CEO Richilieu Dennis.
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