Sean "Diddy" Combs and Diageo, a major spirits company, have ended their partnership and settled a lawsuit between them. Diddy had accused Diageo of racism and neglecting marketing for his vodka brand Cîroc and tequila brand DeLeón, which he said were treated as "urban" brands. The joint statement said Diddy has withdrawn all allegations against Diageo and will dismiss lawsuits against the company. Diageo solely owns Diddy's former brands, Cîroc vodka, and DeLeón tequila, going forward, as Diddy and Diageo have no ongoing business relationship.
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00:00 It's Benzinga and here's what's on the block.
00:02 Sean "Diddy" Combs and Diego, a major spirits company, have ended their partnership and
00:06 settled a lawsuit between them. Diddy had accused Diego of racism and neglecting marketing for his
00:11 vodka brands Ciroc and tequila brand De Leon, which he said were treated as "urban brands."
00:15 The joint statement said that Diddy has withdrawn all allegations against Diego
00:19 and will dismiss lawsuits against the company. Diego solely owns Diddy's former brands Ciroc
00:24 Vodka and De Leon Tequila going forward, as Diddy and Diego have no ongoing business
00:28 relationship. Diddy and Diego had partnered since 2007 on Ciroc Vodka and later jointly
00:33 purchased De Leon Tequila in 2013. Diego is one of the largest spirits companies worldwide,
00:38 owning over 200 brands valued at nearly $80 billion. For all things money, visit Benzinga.com.