Clooney sells $1B tequila brand
Global liquor behemoth Diageo says it will pay up to $1 billion to buy a tequila brand co-founded by movie star George Clooney. Clooney founded the Casamigos brand four years ago with partners Rande Gerber and Mike Meldma. Diageo said it will pay $700 million for Casamigos at first, and then pay another $300 million over 10 years if the brand reaches certain performance milestones. Clooney and Gerber, an entrepreneur married to model Cindy Crawford, have appeared in ads for the brand.