Sean “Diddy” Combs is in the process of severing ties with Revolt TV, the media company he co-founded in 2013, according to reports. Following his resignation as chairman in November amid allegations of sexual assault, Combs is reportedly selling his remaining stake in Revolt to Essence magazine owner Richelieu Dennis, a source told Page Six.

While the financial terms of the deal remain undisclosed, sources indicate that the new owner is committed to maintaining Revolt TV as a Black-owned entity. The decision to sell comes amidst a tumultuous period for Combs, as federal agents recently raided his homes in Miami and Los Angeles in connection with an ongoing sex trafficking investigation. Although the raids have sparked speculation regarding potential links to Combs’ decision to divest from Revolt TV, sources close to the deal assert that negotiations were already underway before the raids.

Despite Combs’ departure, Revolt TV is poised to continue its operations under the leadership of CEO Detavio Samuels and Chief Brand Officer Deon Graham, who will remain in their respective roles.

Diddy has faced a barrage of sexual assault allegations in recent months, including lawsuits filed by former partners and collaborators. Combs has vehemently denied these accusations, asserting his innocence and vowing to defend his reputation through a social media post in December.

“ENOUGH IS ENOUGH,” Combs wrote at the time, Billboard reported. “For the last couple of weeks, I have sat silently and watched people try to assassinate my character, destroy my reputation and my legacy. Sickening allegations have been made against me by individuals looking for a quick payday. Let me be absolutely clear: I did not do any of the awful things being alleged. I will fight for my name, my family and for the truth.”

Federal agents raiding Combs’ residences in Miami and Los Angeles on March 25, conducted by Homeland Security in connection with an ongoing federal sex trafficking investigation.

Revolt TV logo/ Sean “Diddy” Combs, photo via Instagram, https://www.instagram.com/p/Cybmx8PudZ7/?hl=en&img_index=3