Ryan Reynolds announces $610 million deal with Diageo
(LOS ANGELES) -- (NOTE LANGUAGE) Ryan Reynolds is on his way to becoming $610 million dollars richer.
On Monday, Diageo, one of the world’s largest producers of spirits and beers, announced they would be purchasing Aviation Gin, which is co-owned by Reynolds, in a deal worth an estimated $610 million.
According to the press release, the estimate is based on an upfront $335 million payout with an additional potential $275 million that will be disbursed over a 10-year period based on performance.
In a statement made by the Deadpool star, he said, "A little over two years ago, I became an owner of Aviation Gin because I love the taste of Aviation more than any other spirit. What I didn’t expect was the sheer creative joy learning a new industry would bring. Growing the brand with my company, Maximum Effort Marketing, has been among the most fulfilling projects I’ve ever been involved with. I want to thank Diageo for their incredible team and passion. We’re so excited for the next chapter of Aviation Gin, which, I promise, will require just as little reading."
Aviation American Gin is the second largest super premium gin brand, as well as one of the fastest growing brands within the category in the United States.
Diageo is the same company that acquired George Clooney and Rande Gerber's Casamigos tequila brand back in 2017 for $1 billion.
The British-based company also worked with Diddy in 2007 to sell Ciroc vodka, in addition to producing Johnny Walker whiskey, Ketel One vodka, and Captain Morgan rum.
In a typically on-brand, sarcastic tweet mentioning the news, Reynolds left an "out of office" memo in which he pretends he didn't not to have gone over the fine print in the deal -- and that he realized too late the $610 million wouldn't be paid out in a lump sum.
"Thanks for your email. I am currently out of the office but will still be very hard at work selling Aviation Gin. For quite a long time, it seems," the message began.
"In related news, I just learned what an 'earn out' is... And I'd like to take this opportunity to apologize to everyone I told to go f**k themselves in the last 24 hours. My lawyers just explained how long it takes to achieve an 'earn out'... so... turns out I'm not as George Clooney as I thought. The point is, to those listed below, I'm sorry... and I'll indeed be needing your help in the coming months and years. Thanks in advance!
By Danielle Long and Stephen Iervolino
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