Diddy has signed a deal with Diageo, reportedly the largest wine, beer and spirits company in the world, to develop the Ciroc vodka brand. According to the release, Diddy (and Sean Combs Enterprises) will now make all brand management decisions for Ciroc and, in return, will have a stake in future profits.

It's a multi-year deal with a 50/50 split of profits and, depending on how the brand performs, it could generate over a $100 million dollars for Diddy.

Diddy: "It is an honor and a privilege for me to partner with Diageo on this venture. I pride myself on the company I keep and will only work with the best. My extensive track record as a brand builder ranges from cultivating music careers and creating a lifestyle fashion brand, to launching two signature fragrances and producing a hit television show -- all of which have given me the necessary skills needed to establish a luxury brand. I am confident that this alliance with Ciroc will be a success."

The AP has more. Diddy told the AP: "It is not an endorsement deal. This is something that will have my daily attention."