Rumor has it that Diddy will be launching his own Television network called Revolt this year on 12/12/12 with Comcast with help from former MTV programming chief Andy Schuon.  Here are some more details:

Sean Combs, the entertainment impresario known as Diddy, is planning to launch a music-themed cable network, according to three sources with knowledge of his plans. The channel is called Revolt and is aiming to launch at the end of the year–12/12/12, to be specific.

Sources with knowledge of the Revolt playbook describe it as a music and music news channel with an urban skew. One described it as the old days of MTV, but for more of the African American audience. The venture is well funded, say the sources.

Former MTV programming chief Andy Schuon is involved with Revolt, according to sources. In 2006, Schuon headed up a music channel called International Music Feed (IMF), which was acquired by Ovation TV before being discontinued.

Comcast will provide distribution as part of its commitment to the FCC to help launch minority owned networks. In April, Comcast began soliciting proposals for “independent channels,” according to its press materials. It plans to launch 10 over the next eight years, including eight Hispanic or African American owned channels, and began accepting proposals for the first three last spring.

CHANCE COMBS (Happy 4th Birthday, Princess) sang along with Super Daddy/ Mogul SEAN “DADDY” COMBS for the remix of Itsy Bitsy Spider.

It looks like Diddy has finally gotten on the cover of XXL Magazine. Would you believe that he’s never been featured on the mag’s cover before? In this issue, Diddy speaks on his influence of the business and how he was the first one to do big things:

“I am the champion of hip-hop” Diddy says in the story. “Hands down, undisputed, I’m the undisputed heavyweight champion of hip-hop. We are going to have to deal with those facts. There is nobody that can f*ck with me with what I do, which is getting busy. We are going across the board, as an entrepreneur, innovator, motivator. Who was there first? Who traveled to Europe first? The first. The first. The first. The first. I was the first.”

Be sure to check out the magazine when it drops on June 1st!