Richelieu Dennis is poised to become the new owner of Diddy’s television project, Revolt. Diddy launched the network in 2013.
However, after facing legal challenges from his longtime partner, Casandra Ventura, also known as Cassie, who accused him of assault and mistreatment in November, Diddy sold off his shares in Revolt.
Amid the repercussions of Homeland Security raids on Diddy’s properties in Los Angeles and Miami, Dennis has emerged as the reported buyer of Diddy’s stake in the company, after previously concealing his identity.
Dennis made his fortune in the skincare industry. He co-established Shea Moisture in Harlem during the 1990s and later sold it to the consumer goods giant Unilever. In 2018, he expanded into the media sector by purchasing Essence magazine from Time Inc.
Despite his success, Dennis relinquished his role as interim CEO of the company following pressure from an anonymous letter demanding changes in leadership. However, he continued to serve as chairman, with company officials denying that the letter directly influenced his resignation.
“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,” an insider informed Page Six. “He started it off that way and he wants it to continue on that path.”
As Richelieu Dennis assumes ownership of Revolt, the network’s future in the midst of ongoing controversies remains uncertain. Dennis’s demonstrated business skills and knowledge in the media field hint at the possibility of revitalizing the platform with a new face as the leader.