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Reports are saying that Richelieu Dennis will soon become the new owner of Diddy’s television network venture, Revolt. This development comes after Diddy sold his shares in Revolt following legal troubles and the shocking allegations made by his former girlfriend, Cassie, in November.
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Diddy founded Revolt in 2013, but recent events led to him parting ways with the network. Now, with Richelieu Dennis stepping in as the new owner of Diddy’s portion, the future of Revolt is under new management.
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Richelieu Dennis is well-known for his success in the skincare industry, having co-founded Shea Moisture in the 1990s and later selling it to Unilever. In 2018, he ventured into the media world by acquiring Essence magazine. However, his tenure at Essence faced challenges, including his resignation as interim CEO amid calls for management changes.
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According to insiders, the deal for Richelieu Dennis to acquire Diddy’s stake in Revolt is already finalized and will be officially announced soon. Despite recent controversies surrounding Diddy, including Homeland Security raids at his properties, the sale is proceeding as planned.
The decision to sell to an African American buyer like Dennis aligns with Diddy’s desire to maintain Revolt as a Black-owned business, which was his initial vision for the network. Revolt features content related to mainstream and Black culture.
The news of Dennis’ acquisition comes in the wake of legal issues faced by Diddy, including lawsuits and allegations from multiple individuals. Diddy’s attorney has referred to the recent events as a “witch hunt,” emphasizing his client’s denial of any wrongdoing.
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