Ownership of the popular REVOLT TV Network is changing hands. Richelieu Dennis, owner of Essence magazine, reportedly bought the network from Diddy.
According to Page Six news, the transaction had already taken place, but with the untimely news of Diddy’s accusations, it looks more like a ‘heat of the moment’ forfeit.
“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.”
The insider told sources that Diddy wanted to sell his assets to someone of a similar complexion, continuing to circulate the ‘Black Dollar’.
“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.”
Dennis’ entrepreneurial career dates back decades ago. He co-founded Shea Moisture in Harlem in the 1990s and made his fortune in the skincare business before selling the company to household goods giant Unilever.
In 2018 he purchased the storied Essence magazine from Time Inc. in efforts to restore a what seemed to be, dated, form of media.
Dennis has not disclosed any immediate plans of action for the REVOLT TV Network.
