Diddy has sold his shares of Revolt TV, and now, the mystery buyer of the network has reportedly been revealed.
According to Page Six, Essence Magazine owner — and founder of Shea Moisture products — Richelieu Dennis has purchased the shares from the embattled Bad Boy mogul as of Thursday (March 28).
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Details of the sale have not yet been made public, and Dennis is said to be making the official announcement in the coming weeks.
“The deal is already done, and they are getting ready to announce it in the upcoming days,” a source close to the situation told the outlet. “But of course, now with the raid and everything else going on, it will appear as though he is purchasing after the fact.”
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The source continued: “It was important [to] Sean to get a buyer that was African American because he wants to keep the legacy of having a Black-owned business. He started it off that way and he wants it to continue on that path.”
Earlier this week, TMZ reported that Diddy’s stake in the company was bought by a “completely new” person, meaning that the embattled Bad Boy mogul has no further ties to the company he founded in 2013.
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HipHopDX has reached out to Diddy’s reps for comment on the matter.
A year ago, Revolt made headlines when Ma$e snarked on his close friend and collaborator Cam’ron after he hinted at going into business with Diddy.
The Dipset rapper and Bad Boy mogul hung out together in Miami, and both shared a photo of their seemingly good-natured encounter on Instagram, which showed them sharing a laugh in front of a Bentley.
This, however, was long before the three sexual assault lawsuits that have been filed against the Bad Boy boss — one of which, from his ex-girlfriend Cassie, has since been settled.
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As a result, in November 2023, TMZ reported that Diddy had temporarily stepped down as the chairman of Revolt.
