Tequila brand sold
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. Diageo says the founders will continue to promote Casamigos and have a say in its future.