On March 26, a source claimed that Sean “P.Diddy” Combs allegedly sold all of his shares connected to Revolt TV, the media company he founded in 2013, to a mystery buyer for an undisclosed amount, TMZ reported. In an interview with Page Six, a second insider close to the deal alleged that Essence Magazine owner, Richelieu Dennis, was the man behind the big purchase — although Dennis has not confirmed the news himself.
“The deal is already done, and they are getting ready to announce it in the upcoming days,” the confidante said of the alleged pending deal. “But of course, now with the raid and everything else going on, it will appear as though he is purchasing after the fact.”
The source added, “It was important [to] Sean to get a buyer that was African American because he wants to keep the legacy of having a Black-owned business. He started it off that way and he wants it to continue on that path.”
Who is Richelieu Dennis?
Dennis is widely recognized for his achievements in the skincare industry, notably as a co-founder of Shea Moisture in the 1990s, which he later sold to Unilever. In 2018, he purchased the revered Essence Magazine and acted as the magazine’s interim CEO. He later stepped down as chairman allegedly following a call for new management.
While chatting with TMZ, a confidante claimed that the sell-off was planned well before the rapper-turned-entrepreneur was accused of sex trafficking and assault in a new lawsuit brought up by multiple plaintiffs in the Southern District of New York.
A spokesperson from Homeland Security confirmed to the outlet that Homeland Security Investigations in New York conducted law enforcement operations targeting the mogul’s homes on March 25. The operations included raids on the rapper’s residences in Los Angeles and Miami as part of an ongoing investigation. However, the nature of the search and its objectives remain unclear.
According to the source, the…
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