Sundial founder Richelieu Dennis has been identified as the new owner of Revolt.
At 54 years old, Dennis has not only supported Slutty Vegan and invested in Monique Rodriguez’s Mielle Organics (which was acquired by P&G in early 2023) but also acquired Essence Magazine in 2018.
His goal was to “serve and empower women of color.” However, despite owning the brand, Dennis admits in a recent interview series called “Cereal Entrepreneur,” hosted by Method co-founder Eric Ryan and journalist Mickey Rapkin, that ownership doesn’t guarantee access to the most exclusive parties at Essence Festival.
During the interview, over a bowl of cereal, Dennis discusses major business deals, the influence of larger conglomerates, and addresses rumors about his potential acquisition of BET.
Earlier this week it was revealed that Diddy quietly sold all of his shares in REVOLT and the platform was purchased by an anonymous buyer.
According to TMZ The report notes that the company will remain Black-owned. Financial terms of the deal were not disclosed.
Sources close to the deal said:
“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.”
“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.”
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.
Who is Richelieu Dennis
Richelieu Dennis is a successful entrepreneur and businessperson known for co-founding Sundial Brands, a personal care company.
He was born in Liberia and later moved to the United States.
Dennis started Sundial Brands in 1991 with his mother, Mary Dennis, and friend Nyema Tubman, initially selling shea butter-based skincare products on the streets of Harlem, New York.
Under Dennis’ leadership, Sundial Brands grew into a multimillion-dollar enterprise, specializing in natural and organic beauty products.
The company’s flagship brand, SheaMoisture, became particularly popular for its haircare, skincare, and bath products targeting people of color.
Sundial Brands was known for its commitment to using natural ingredients and promoting social causes, including community empowerment and women’s economic independence.
In 2017, Dennis and Sundial Brands gained significant attention when they sold the company to consumer goods giant Unilever for an estimated $1 billion.
This acquisition allowed Dennis to expand his entrepreneurial ventures further.
He went on to acquire Essence Communications, including Essence Magazine, in 2018. This acquisition was aimed at empowering and serving women of color through media and events like the Essence Festival.
Apart from his business endeavors, Richelieu Dennis is also involved in philanthropy and initiatives supporting entrepreneurship and economic development in Africa and the African diaspora.
The purchase of REVOLT will have significant impact on the value of black owned media.
