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Sale, Revolt TV, Diddy, Richelieu Dennis, Roland Martin

Source: Phillip Faraone / Getty

On March 26, a source claimed that Sean “P.Diddy” Combs allegedly sold all of his shares connected to Revolt TV, the media company he founded in 2013, to a mystery buyer for an undisclosed amount, TMZ reported. In an interview with Page Six, a second insider close to the deal alleged that Essence Magazine owner, Richelieu Dennis, was the man behind the big purchase — although Dennis has not confirmed the news himself. 

“The deal is already done, and they are getting ready to announce it in the upcoming days,” the confidante said of the alleged pending deal. “But of course, now with the raid and everything else going on, it will appear as though he is purchasing after the fact.”

The source added, “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.”

Who is Richelieu Dennis?

Dennis is widely recognized for his achievements in the skincare industry, notably as a co-founder of Shea Moisture in the 1990s, which he later sold to Unilever. In 2018, he purchased the revered Essence Magazine and acted as the magazine’s interim CEO. He later stepped down as chairman allegedly following a call for new management.

While chatting with TMZ, a confidante claimed that the sell-off was planned well before the rapper-turned-entrepreneur was accused of sex trafficking and assault in a new lawsuit brought up by multiple plaintiffs in the Southern District of New York.  

A spokesperson from Homeland Security confirmed to the outlet that Homeland Security Investigations in New York conducted law enforcement operations targeting the mogul’s homes on March 25. The operations included raids on the rapper’s residences in Los Angeles and Miami as part of an ongoing investigation. However, the nature of the search and its objectives remain unclear. 

According to the source, the company will continue to uphold its “dedication” to Black culture and Black stories under its new management. Revolt’s CEO Detavio Samuels and Chief Brand Officer Deon Graham will retain their current roles and support the owner during the finalization of the contract, the source claimed. Additionally, there are no anticipated significant alterations to staffing or production for Revolt TV employees.

 

Roland Martin calls Revolt TV sale news “flat out wrong.”

As speculation about the deal ran amok online, political correspondent and journalist Roland Martin took to YouTube to denounce claims of the Revolt TV sale. Roland dismissed the claims as untrue, clarifying that although there was “a deal in place,” no concrete plans had been finalized between Diddy and the purported mystery buyer.

“Revolt has not been sold. It is still under the ownership of Sean Diddy Combs,” Martin, who spoke with several sources connected to the pending sale, said. 

In November, Diddy stepped down as chairman from Revolt after his ex-girlfriend Cassie  real name Casandra Ventura — accused him of assault and rape in a disturbing lawsuit filed in Manhattan federal court. The New York native settled with the singer for an undisclosed amount one day after the bombshell lawsuit hit headlines. 

SEE ALSO:

Cuba Gooding Jr. Named As Diddy’s Co-Defendant In ‘Grooming’ Lawsuit

Federal Prosecutor Whose Office Is Investigating Diddy Previously Took Down R. Kelly

The post Who Really Bought Revolt TV From Diddy? Here’s Everything We Know appeared first on NewsOne.

Who Really Bought Revolt TV From Diddy? Here’s Everything We Know  was originally published on newsone.com