Richelieu Dennis, the owner of Essence Magazine, has reportedly acquired Sean “Diddy” Combs’ REVOLT TV network.
Page Six reports that the music mogul insisted on selling the company to an African American buyer.
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More About The Reported Deal
Diddy’s numerous lawsuits and raids have been at the forefront of headline news. An insider told the publication, “It will appear as though [Dennis] is purchasing after the fact,” but he acquired the network before Diddy’s homes were raided.
“The deal is already done, and they are getting ready to announce it in the upcoming days,” the source stated.
“It was important [to] Sean to get a buyer that was African American because he wants to keep the legacy of having Black-owned business,” the insider continued.
“He started it off that way and he wants to continue on that path,” the source added.
Dennis is allegedly the owner of Diddy’s portion of the company.
REVOLT Shares Were Allegedly Sold Before Buy-Out
Diddy established REVOLT TV in 2013. However, the rapper allegedly sold company shares after his ex-girlfriend Cassie sued him. In November 2023, the singer claimed he raped and abused her. Consequently, they settled out of court, but many suits followed. Combs claims he is innocent of all charges.
TMZ released footage of the raid at Diddy’s Holmby Hills mansion. The footage shows the rooms after agents rummaged through them, leaving documents and items thrown about. The outlet also stated the federal officials “had a field day with Diddy’s electronic equipment.”
Additionally, The Shade Room reported that the Bad Boy CEO’s hard drives and electronics were taken during the March 25 raid.
Richelieu’s Reported Wealth & Ventures
Richelieu Dennis gained wealth in the billion-dollar personal care industry. Additionally, he co-founded Shea Moisture, a self-care company that produces shampoo, conditioner, body washes, and other items. However, Unilever, a British multinational consumer goods company, now owns it.
The investor explored new territory in 2018 when he purchased the legendary Essence magazine. Richelieu reportedly bought the publication from Time Inc.
He was met with challenges after stepping into the position of interim CEO, per Page Six. The businessman resigned after an unmarked letter requested that he be replaced. The social commerce innovator did so shortly after. However, he remained chairman of the company. Essence leaders have reportedly stated the mail wasn’t the reason Dennis relinquished his position.
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The post Essence Magazine Owner Richelieu Dennis Is Reportedly The Mystery Buyer Of Diddy’s REVOLT Network appeared first on The Shade Room.
