Sean ‘Diddy’ Combs sells majority stake in his media company

Sean “Diddy” Combs sold his majority stake in Revolt, the media company he founded, on Wednesday as he faces multiple sexual assault allegations.

Revolt will now be owned by its employees, the company announced, a significant transition and a rare structure in the media landscape.

“Today, we are most proud of the transformation that our teams will experience as they shift from being employees to owners of the business they are helping to build,” CEO Detavio Samuels said in a statement. “Black culture is global culture, and Revolt’s superpower is being the home for creators that move culture globally, allowing us to build the most powerful storytelling engine for Black voices.” 

Combs stepped down from the company’s board in November when the allegations were made public. He no longer has any stake in the company, Revolt said in a statement.

The chart-topping artist faces multiple claims that he sexually harassed colleagues and other women in the music industry. He settled a claim last year that he physically abused his ex-partner and fellow musician, Cassie.

Surveillance video from 2016 showing Combs violently beating Cassie in a hotel was released last month. He apologized for his actions after the video was released.

Speculation has also swirled that Combs could soon face a criminal indictment, after federal investigators raided his homes earlier this year. Federal investigators are looking into allegations of money laundering and illegal drugs, CNN reported.