Diddy In the Vodka Market

Diddy is diving into the vodka business.

The music mogul and business entrepreneur inked a multi-year deal to develop the Ciroc vodka brand in which he shares 50% of the profits.

Diddy says the deal is so important that it "will have my daily attention." He is opening a marketing office at his midtown Manhattan headquarters, so that he can devote time to the brand.

The agreement will be worth more than $100 million for Diddy's Sean Combs Enterprises over the course of the deal, depending on how well the brand performs.

Diddy will oversee the marketing of the brand -- including where it will be available and will also get it into the hands of the "movers and shakers" to help its growth.

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