Diageo (DEO) and Main Street Advisors said Monday they formed a joint venture to grow Ciroc Ultra-Premium Vodka in North America and Lobos 1707 Tequila globally.
Diageo exchanges majority ownership of Ciroc's brand rights in North America for a majority stake in Lobos, they said. Main Street is an investment and advisory firm.
Former TikTok Global Head of Marketing, Nick Tran, has been named as president and chief marketing officer for the joint venture, the companies said.
Los Angeles Lakers player LeBron James, who backs Lobos, will remain an investor in the tequila brand and become an investor in Ciroc through the joint venture, Bloomberg reported.
Diageo didn't immediately respond to MT Newswires' request for comment on James' investment.
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