Diageo Settles Disputes With Rapper Diddy -- Update
17 January 2024 - 3:07AM
Dow Jones News
By Michael Susin
Diageo said it has reached an agreement with Sean "Diddy" Combs,
after the rapper accused the group of racial discrimination and
alleged it neglected his DeLeón brand.
The liquor maker--which owns Johnnie Walker whisky and Tanqueray
gin--said Tuesday that Combs has withdrawn all of his allegations
about Diageo and will voluntarily dismiss his lawsuits against the
company with prejudice.
"Diageo and Mr. Combs have no ongoing business relationship,
either with respect to Cîroc vodka or DeLeón tequila, which Diageo
now solely owns," it added.
In 2013, as tequila was growing in popularity in the U.S., the
rapper's business, Combs Wines and Spirits, formed a joint venture
with Diageo to purchase DeLeón.
In May 2023, Combs sued Diageo in New York State Supreme Court,
alleging that the company neglected DeLeón and poured its resources
into its two other tequila brands, Don Julio and Casamigos, the
George Clooney-backed brand that Diageo agreed to buy in 2017 for
up to $1 billion.
Diageo announced in June 2023 that it was ending the partnership
after working together since 2007 on vodka brand Cîroc. Diageo
added that Combs has been paid nearly $1 billion over the years
they've worked together.
Combs was responsible for the brand's marketing and worked with
the company to develop new Cîroc products, Diago said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
January 16, 2024 10:52 ET (15:52 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
Diageo (NYSE:DEO)
Historical Stock Chart
From May 2024 to Jun 2024
Diageo (NYSE:DEO)
Historical Stock Chart
From Jun 2023 to Jun 2024