Sean “Diddy” Combs has reportedly agreed to a deal to sell his stake in Revolt TV after stepping down from his role as chairman in November amid sexual assault allegations.

According to TMZ, Combs sold his remaining shares of Revolt to an anonymous buyer. The report notes that the company will remain Black-owned. Financial terms of the deal were not disclosed.

Revolt TV’s new owner is reported to be keeping their identity hidden for the next few weeks but will eventually have a formal introduction as the head of the media company at a later date.

The deal was reportedly finalized this week; Revolt’s current CEO, Detavio Samuels, and chief brand officer, Deon Graham, will remain in their roles for the time being.

The news broke as Combs’ Miami and Los Angeles homes were reportedly raided by federal agents on Monday (March 25). The raids were executed by Homeland Security “in connection” with an ongoing federal sex trafficking investigation, according to reports.

TMZ reported on Monday that Homeland Security of New York launched an ongoing investigation linked to Combs and that the case is being handled out of the Southern District of New York.

With officers swarming the Los Angeles property, video footage appeared to show individuals being detained, two of whom appeared to be Diddy’s sons, King Combs and Justin Combs. It’s unknown whether the elder Combs was at either home during the raids.

Combs has been the subject of numerous sexual assault-related civil lawsuits over the past several months. Ex-girlfriend Cassie lit the fuse in November 2023 when she filed a lawsuit accusing Combs of physical abuse and repeated sexual assault while they were dating. The two parties agreed to settle the lawsuit less than 24 hours later.

Later in November, after being accused of sexual abuse by two more women, Combs stepped down as chairman of Revolt, which he helped launch in 2013. In the months since, he has been accused of sexual assault in two additional lawsuits: one filed by a Jane Doe who claimed he “sex trafficked” and “gang raped” her and another by a music producer who allegedly worked with Combs on his 2023 album, The Love Album: Off the Grid.

The Bad Boy CEO has denied any wrongdoing and attempted to clear his name with a post on social media in December.

“ENOUGH IS ENOUGH,” Combs wrote at the time. “For the last couple of weeks, I have sat silently and watched people try to assassinate my character, destroy my reputation and my legacy. Sickening allegations have been made against me by individuals looking for a quick payday. Let me be absolutely clear: I did not do any of the awful things being alleged. I will fight for my name, my family and for the truth.”

Billboard has reached out to representatives for Combs for comment on this story.