In a surprising turn of events, Richelieu Dennis is set to become the new owner of Diddy’s media venture, Revolt, as revealed by insiders to Page Six.
Revolt, conceived by Diddy in 2013, has been a notable platform blending news and entertainment, particularly focusing on both mainstream and Black culture. However, recent controversies surrounding Diddy, including legal battles with his ex-girlfriend Cassie over allegations of rape and abuse, have led to his decision to divest his shares in the network.
Dennis, renowned for his success in the skincare industry with the founding of Shea Moisture in the 1990s, followed by its acquisition by Unilever, made an unexpected leap into the media domain in 2018 with the acquisition of Essence magazine from Time Inc.
The acquisition of Revolt marks another significant stride for Dennis in the media landscape. However, his initial tenure at Essence faced turbulence, with his resignation as interim CEO following calls for management change. Despite this, he continued as the chairman, with company officials asserting that his departure wasn’t linked to the anonymous letter demanding leadership alterations.
According to sources close to the deal, the acquisition of Revolt by Dennis has already been finalized and is poised for imminent announcement. However, the timing, amidst the fallout from Homeland Security raids on Diddy’s properties, might paint a different narrative, suggesting Dennis’s involvement post-controversy.
The decision to hand over Revolt to Dennis aligns with Diddy’s vision of maintaining Black ownership within the business, a legacy he has endeavored to uphold since its inception.
“Diddy was adamant about securing an African American buyer to preserve the legacy of Revolt as a Black-owned enterprise,” disclosed an insider familiar with the deal. “He initiated it on that premise and intends for it to persist in that direction.”
Ventura’s legal actions against Diddy, alleging a decade-long abusive relationship, cast a shadow over the mogul’s personal life. Despite vehement denials and legal rebuttals from Diddy and his counsel, the matter was settled out of court within a day of the filing.
Subsequently, Diddy faced further legal challenges from five additional accusers, each refuted by the mogul, who maintained his innocence throughout.
Responding to the Homeland Security raids, Diddy’s attorney, Aaron Dyer, labeled them a “witch hunt” in a statement to Page Six, underscoring the mogul’s stance amidst mounting legal scrutiny.
As Richelieu Dennis steps into the ownership role at Revolt, the future of the network amid ongoing controversies remains to be seen. However, his track record in business and media suggests a potential rejuvenation for the platform under new leadership.