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Michael Malone of Broadcasting & Cable is reporting that, according to sources, Diddy's latest venture will be a music-focused cable network called Revolt, which he is hoping to launch on December 12 of this year - 12/12/12.

Anonymous sources are cited heavily throughout the story. According to them, Andy Schuon, who has held many positions in the music and entertainment industries will be a part of the new company. Comcast and Time Warner Cable are said to be among those who have signed off on distribution, meaning that the network could reach at least 18 million households.

None of the companies involved, including Bad Boy Entertainment, would respond to Malone's requests for comment.