Richelieu Dennis, the proprietor of Essence Journal, has reportedly acquired Sean “Diddy” Combs’ REVOLT TV community.
Web page Six stories that the music mogul insisted on promoting the corporate to an African American purchaser.
RELATED: Mase Reacts To Federal Raid On Diddy’s Houses (Video)
Extra About The Reported Deal
Diddy’s quite a few lawsuits and raids have been on the forefront of headline information. An insider instructed the publication, “It would seem as if [Dennis] is buying after the very fact,” however he acquired the community earlier than Diddy’s houses had been raided.
“The deal is already completed, and they’re on the point of announce it within the upcoming days,” the supply said.
“It was necessary [to] Sean to get a purchaser that was African American as a result of he needs to maintain the legacy of getting Black-owned enterprise,” the insider continued.
“He began it off that method and he needs to proceed on that path,” the supply added.
Dennis is allegedly the proprietor of Diddy’s portion of the corporate.
REVOLT Shares Have been Allegedly Offered Earlier than Purchase-Out
Diddy established REVOLT TV in 2013. Nevertheless, the rapper allegedly bought firm shares after his ex-girlfriend Cassie sued him. In November 2023, the singer claimed he raped and abused her. Consequently, they settled out of courtroom, however many fits adopted. Combs claims he’s harmless of all fees.
TMZ launched footage of the raid at Diddy’s Holmby Hills mansion. The footage reveals the rooms after brokers rummaged by them, leaving paperwork and objects thrown about. The outlet additionally said the federal officers “had a subject day with Diddy’s digital tools.”
Moreover, The Shade Room reported that the Unhealthy Boy CEO’s arduous drives and electronics had been taken in the course of the March 25 raid.
Richelieu’s Reported Wealth & Ventures
Richelieu Dennis gained wealth within the billion-dollar private care trade. Moreover, he co-founded Shea Moisture, a self-care firm that produces shampoo, conditioner, physique washes, and different objects. Nevertheless, Unilever, a British multinational shopper items firm, now owns it.
The investor explored new territory in 2018 when he bought the legendary Essence journal. Richelieu reportedly purchased the publication from Time Inc.
He was met with challenges after getting into the place of interim CEO, per Web page Six. The businessman resigned after an unmarked letter requested that he get replaced. The social commerce innovator did so shortly after. Nevertheless, he remained chairman of the corporate. Essence leaders have reportedly said the mail wasn’t the rationale Dennis relinquished his place.
RELATED: The place He At!? Quincy Developments On-line Amid Stories Of Diddy’s Houses Being Raided