Diddy has ended his reign at Revolt TV, selling off his shares to a mystery buyer the same week that Homeland Security agents raided two of his homes, RadarOnline.comhas learned.
Sources spilled the embattled Bad Boy Records founder, 54, offloaded his shares to the buyer for an undisclosed sum, adding he was notified of the sale this week.
The company is said to remain Black-owned, but the new owner wishes their identity to stay anonymous — at least, for now.
Insiders told TMZ the new boss has a deep passion for Black culture and plans on upholding Diddy's mission for the brand. They also teased that the buyer will be announced in the coming weeks; however, the amount Diddy sold his shares for will likely remain under wraps.
The new owner reportedly won't be making any major changes to staffing or production, with the source sharing that Revolt's CEO Detavio Samuels and Chief Brand Officer Deon Graham will stay in their leadership positions.
All in all, Diddy is reportedly happy with the deal.
As RadarOnline.com reported, Diddy temporarily stepped down from his role as chairman of Revolt in November after three women, including his ex-girlfriend, singer Cassie, filed lawsuits, accusing him of sex crimes.
The insider shared that Diddy had been hammering out a potential deal for a while — allegedly before his L.A. and Miami properties were raided.
Since last year, Cassie's settled her lawsuit against Diddy, in which she accused him of rape, sex trafficking, and more. Her ex admitted to no wrongdoing despite the lightning-fast agreement.
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As RadarOnline.com reported, Homeland Security swarmed two of Diddy's properties on Monday, with two of his sons, Justin, 30, and King, 25, being handcuffed outside his L.A. mansion.
Sources shared that none of Diddy's family members, including his sons, were arrested in the duel raids.
Diddy was photographed at Opa Locka Airport in Miami around the time agents descended on his homes. His accused "drug mule" Brendon Paul was arrested and booked on felony cocaine and marijuana possession charges after agents intercepted the hip-hop mogul's plane at the same airport, per the affidavit.
Diddy is at the center of a federal investigation stemming from accusations of sex trafficking, sexual assault, firearms, distributing illegal narcotics, and more. The rapper has not addressed the raids or investigation; however, Diddy has previously denied the allegations brought against him in lawsuits.
RadarOnline.com has reached out to his lawyer for comment.