For the past few months, ever since Diddy sold his stake in the media company he co-founded, Revolt, there has been speculation about who the buyer was.
Revolt CEO Detavio Samuels, speaking to The Hollywood Reporter, revealed that the answer is not another high-flying media or music mogul, nor is it a larger company looking to fold Revolt into its portfolio.
Revolt’s new ownership group is being led by its own employees.
“I think there’s been a lot of speculation around who owned Revolt, who was going to own Revolt. And while we’ve been well aware of the rumors over the last several months, I would say that it was important for us to stay the course on this specific approach,” Samuels says. “What makes me excited about the news to share today is just the realization that we didn’t need anybody else, that we were...
Revolt CEO Detavio Samuels, speaking to The Hollywood Reporter, revealed that the answer is not another high-flying media or music mogul, nor is it a larger company looking to fold Revolt into its portfolio.
Revolt’s new ownership group is being led by its own employees.
“I think there’s been a lot of speculation around who owned Revolt, who was going to own Revolt. And while we’ve been well aware of the rumors over the last several months, I would say that it was important for us to stay the course on this specific approach,” Samuels says. “What makes me excited about the news to share today is just the realization that we didn’t need anybody else, that we were...
- 6/4/2024
- by Alex Weprin
- The Hollywood Reporter - Movie News
Revolt has announced a new ownership structure after its founder, Sean “Diddy” Combs, stepped aside as chairman of the television and media company.
Current employees will become the largest shareholder group of Revolt as Combs’ shares of the company have been fully redeemed and retired.
“This is something that we’ve been looking to do, waiting to do, believing that the people who give this company their blood, sweat and tears should have some sort of upside opportunity if and when we win,” Samuels said in an interview with Variety. He added, “All of the data suggests that the companies that have incentive pools for their employees outperform the rest. They perform better financially, they perform better with company morale and culture and they perform better as it relates to retention.”
Employee participation will be allocated over the coming months as Revolt promises staff members a detailed breakdown of the process.
Current employees will become the largest shareholder group of Revolt as Combs’ shares of the company have been fully redeemed and retired.
“This is something that we’ve been looking to do, waiting to do, believing that the people who give this company their blood, sweat and tears should have some sort of upside opportunity if and when we win,” Samuels said in an interview with Variety. He added, “All of the data suggests that the companies that have incentive pools for their employees outperform the rest. They perform better financially, they perform better with company morale and culture and they perform better as it relates to retention.”
Employee participation will be allocated over the coming months as Revolt promises staff members a detailed breakdown of the process.
- 6/4/2024
- by Ethan Shanfeld
- Variety Film + TV
Sean “Diddy” Combs has just joined the potential purchase party of Black Entertainment Television (BET), with the mogul setting his sights on majority stake, an individual with knowledge told TheWrap.
According to the insider, the Grammy award-winning musician and record label executive is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.” The individual added that conversations around Diddy buying majority stake in the network has yet to happen.
Diddy is the latest to take interest in the acquisitions of the network, following behind Tyler Perry, Byron Allen and Miami-based media company Group Black, which was founded by Richelieu Dennis, Bonin Bough, and its CEO Travis Montaque.
Also Read:
Group Black Emerges as 3rd Potential Buyer for BET After Tyler Perry and Byron Allen
BET Media Group includes the brands BET, BET+, BET Studios and VH1, which was moved under...
According to the insider, the Grammy award-winning musician and record label executive is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.” The individual added that conversations around Diddy buying majority stake in the network has yet to happen.
Diddy is the latest to take interest in the acquisitions of the network, following behind Tyler Perry, Byron Allen and Miami-based media company Group Black, which was founded by Richelieu Dennis, Bonin Bough, and its CEO Travis Montaque.
Also Read:
Group Black Emerges as 3rd Potential Buyer for BET After Tyler Perry and Byron Allen
BET Media Group includes the brands BET, BET+, BET Studios and VH1, which was moved under...
- 3/13/2023
- by Raquel "Rocky" Harris
- The Wrap
Sean “Diddy” Combs is entering the race to buy BET, joining fellow media moguls Tyler Perry and Byron Allen as they vie to purchase a majority stake of BET Media Group amid reports that owner Paramount Global is exploring a sale of the asset, Variety has confirmed.
Run by CEO Scott Mills, BET Media Group includes BET, BET+, VH1 (which was moved under the group in a restructuring at Paramount last November) and BET’s production arm, BET Studios.
A source close to Combs tells Variety that the global music icon and record executive turned multi-industry entrepreneur is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”
Another source familiar with the situation tells Variety, that while Combs has expressed interest in acquiring BET, he is not yet considered to be in talks with Paramount to purchase a majority stake.
Run by CEO Scott Mills, BET Media Group includes BET, BET+, VH1 (which was moved under the group in a restructuring at Paramount last November) and BET’s production arm, BET Studios.
A source close to Combs tells Variety that the global music icon and record executive turned multi-industry entrepreneur is “exploring the opportunity to purchase BET as a part of his strategy to build a Black-owned global media powerhouse.”
Another source familiar with the situation tells Variety, that while Combs has expressed interest in acquiring BET, he is not yet considered to be in talks with Paramount to purchase a majority stake.
- 3/13/2023
- by Angelique Jackson and Jennifer Maas
- Variety Film + TV
Group Black, a Black-owned, Miami-based media company, has expressed interest in buying a majority share in BET Media Group, the New York Times reported on Friday.
The company was founded in 2021 by Travis Montaque, Richelieu Dennis and Bonin Bough and recently put in a bid of $400 million for Vice Media. According to the Times, Group Black is teaming up with Cvc Capital Partners, a private-equity firm based in Luxembourg, as well as prominent Black business people and artists for the BET deal.
As TheWrap reported on Monday, Tyler Perry and Byron Allen are also interested in buying BET from Paramount Global, although talks are still in the early stages, and Paramount may decide not to sell ownership of BET Media Group, which includes VH1.
Also Read:
Paramount Global Explores Sale of BET Media Group Majority Stake
BET was launched in 1980 by founder Robert Johnson as a channel specifically catered to African-American audiences.
The company was founded in 2021 by Travis Montaque, Richelieu Dennis and Bonin Bough and recently put in a bid of $400 million for Vice Media. According to the Times, Group Black is teaming up with Cvc Capital Partners, a private-equity firm based in Luxembourg, as well as prominent Black business people and artists for the BET deal.
As TheWrap reported on Monday, Tyler Perry and Byron Allen are also interested in buying BET from Paramount Global, although talks are still in the early stages, and Paramount may decide not to sell ownership of BET Media Group, which includes VH1.
Also Read:
Paramount Global Explores Sale of BET Media Group Majority Stake
BET was launched in 1980 by founder Robert Johnson as a channel specifically catered to African-American audiences.
- 3/11/2023
- by Sharon Knolle
- The Wrap
A new venture fund focused on African-American content has launched and teamed with its first partner, Queen Latifah’s Flavor Unit Entertainment.
The Essence Creators and Makers Fund has a $20 million endowment from Essence Ventures, the parent company of Essence Communications. The fund will support and partner with creators and makers of color in an effort to mitigate the barriers faced in securing financing for the development and production of projects.
The fund will create and finance film, television, digital and documentary-style content that reflects the lives and experiences of women of color. It will also seek to collaborate with content creators globally focused on Essence’s core audience of black women, with the content produced encompassing themes that relate and connect across audiences.
Essence will have the first right to produce and finance future film, television and digital content associated with the creators. In addition to capital, the Essence platform – including print,...
The Essence Creators and Makers Fund has a $20 million endowment from Essence Ventures, the parent company of Essence Communications. The fund will support and partner with creators and makers of color in an effort to mitigate the barriers faced in securing financing for the development and production of projects.
The fund will create and finance film, television, digital and documentary-style content that reflects the lives and experiences of women of color. It will also seek to collaborate with content creators globally focused on Essence’s core audience of black women, with the content produced encompassing themes that relate and connect across audiences.
Essence will have the first right to produce and finance future film, television and digital content associated with the creators. In addition to capital, the Essence platform – including print,...
- 7/13/2018
- by Bruce Haring
- Deadline Film + TV
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