Back in March Bad Boy Entertainment CEO, Sean 'Diddy' Combs, gave up controlling shares in 'Revolt,' the TV network he founded in 2013, after facing a series of lawsuits [click here if you missed that].
Now current Revolt employees hold the controlling shares...
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.
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 Ventures CEO Richelieu Dennis.
Notably, the company, of which about 80% of the staff are people of color, will remain Black-owned under the new structure.
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