Diddy Explains New Diageo Joint Venture, DeLeón Tequila

Leave it to Sean “Diddy” Combs to join forces with the world’s largest spirits producer, transform a 50,000-case-per-year vodka into the nearly 2 million-per-year Ciroc, grow a personal fortune exceeding half a billion dollars, then ink a new beverage deal—and declare that, in many ways, it’s even more significant than the first one.

That’s exactly what Diddy did today after announcing he has formed a joint venture with Diageo and purchased DeLeón, a boutique tequila brand currently distribute...