Richelieu Dennis will be the new owner of Diddy’s TV venture, Revolt, Page Six is told.
Diddy founded the network back in 2013. But after his longtime girlfriend, Casandra Ventura (the singer known as Cassie), sued him in November claiming that the rap mogul had raped and abused her, he sold off his shares in Revolt.
Now — as the dust settles from the shocking Homeland Security raids at the mogul’s home in Los Angeles and the Miami area — we’re told Dennis is new owner of Diddy’s portion of the company.
Dennis made his fortune in the skincare business. He co-founded Shea Moisture in Harlem in the 1990s and sold it to household goods giant Unilever.
In 2018 he made a bold foray into the media world by purchasing the storied Essence magazine from Time Inc.
As Page Six has previously reported, his tenure got off to a bumpy beginning.
Dennis quickly resigned as interim CEO of the company after an anonymous letter called for a change of management. (He remained as the chairman, and bosses insisted that the letter wasn’t the cause of his exit).
“The deal is already done, and they are getting ready to announce it in the upcoming days,” an insider told Page Six of the Revolt sale. “But of course, now with the raid and everything else going on, it will appear as though he is purchasing after the fact.”
“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,” said the insider. “He started it off that way and he wants it to continue on that path.”
The network airs news and entertainment related to both mainstream and Black culture.
Ventura dated Diddy for 10 years, and late last year the “Official Girl” singer sued her ex.
Diddy denied the allegations, with his lawyer suggesting the claims were shakedown attempt. But they settled out of court within 24 hours of the filing.
Soon after, Diddy was sued by five other alleged victims. He has consistently denied wrongdoing.
After the raids, Diddy’s attorney Aaron Dyer released a statement to Page Six calling them a “witch hunt.”
Revolt and Dennis have not returned a request for comment.
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