Diddy Inks 50/50 Profit Sharing Deal With Ciroc Vodka
Sean “Diddy” Combs has inked a profit sharing deal with London based spirits company Diageo PLC, makers of Ciroc Vodka. According to the Associated Press, the Bad Boy head will develop the Ciroc brand and share in 50% of the resulting profits, which Diageo estimates could top $100 million. Diddy has stressed that he is not simply attaching his name to the vodka brand, but rather will be closely involved in its marketing and development. "I will say that it is not an endorsement deal," Diddy explained in an interview on Tuesday (October 23). "This is something that will have my daily attention." The mogul explained that he was considering starting his own vodka line when Diageo approached him with the proposition. After being “blown away” by the vodka, which is infused with French grapes, Diddy agreed to the deal. He says he will first focus on branding the product into a “household name,” and plans on making Ciroc the “official Vodka of New Year’s Eve.” In related news, Combs is expected to announce a new VH1 reality show during an appearance on CNBC’s The Big Idea with Donny Deutsch. The show is rumored to revolve around him interviewing new assistants.