Diddy Sells His REVOLT Shares As Feds Investigate Him

Diddy has relinquished his ownership stake in REVOLT, the television network he co-founded in 2013 with Andy Schoun. The sale of his shares to an undisclosed buyer, as reported by TMZ, marks a significant change in the network’s ownership structure. Despite Diddy’s departure, REVOLT remains Black-owned, with the new owner opting to remain anonymous for now. An official announcement introducing the new owner is expected in the near future.

Diddy’s decision to step down as chairman in November came amidst a lawsuit filed against him by former Bad Boy artist and ex-girlfriend Cassie, alleging rape and prolonged physical abuse. However, the parties involved settled the matter amicably soon after.

On Monday (March 25), Homeland Security raided Diddy‘s residences in Los Angeles and Miami, as part of a federal sex trafficking case. Live footage from FOX11 captured the raid, showing Diddy’s sons Justin and Christian ‘King’ Combs, along with others, being detained outside their Beverly Hills home.

Diddy’s attorney, Aaron Dyer, responded to the raid with: “Yesterday, there was a gross overuse of military-level force as search warrants were executed at Mr. Combs’ residences. There is no excuse for the excessive show of force and hostility exhibited by authorities or the way his children and employees were treated. Despite media speculation, neither Mr. Combs nor any of his family members have been arrested nor has their ability to travel been restricted in any way. There has been no finding of criminal or civil liability with any of these allegations. Mr. Combs is innocent and will continue to fight every single day to clear his name.”