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Photo: Jason Mendez/WireImage

Diageo (LSE: DGE) agreed to buy Aviation American Gin, a liquor brand co-owned by actor Ryan Reynolds. The deal is worth upwards of $610 million, including $335 million upfront and $275 million in sales-based milestones over 10 years.

Why it matters: This is Diageo's second stab at a celebrity-backed liquor brand, having previously paid upwards of $1 billion for George Clooney's Casamigos tequila, and comes as it's under severe earnings pressure due to bar and restaurant closures.

Details: The acquired entity is officially known as Davos Brands, and includes tequila, mezcal, and sake products in addition to AAG. Reynolds is expected to retain an equity position.

The bottom line: "The deal will expand Diageo’s presence in super-premium gin, which has surged in popularity over the past decade as small-batch variants of the spirit have been marketed in conjunction with upscale tonics such as Fever-Tree or mixed into popular cocktails such as the Negroni." — Thomas Buckley, Bloomberg

Go deeper

3 mins ago - Politics & Policy

Congressional Hispanics want Lujan Grisham at HHS

Michelle Lujan Grisham arriving on Capitol Hill. Photo: Tom Williams/CQ Roll Call

Hispanic lawmakers are openly lobbying to have New Mexico Governor Michelle Lujan Grisham be named Health and Human Services secretary, according to a letter obtained by Axios.

Why it matters: These members are now following the example some Black lawmakers have used for weeks: trying to convince Joe Biden his political interests will be served by rewarding certain demographic groups with Cabinet picks.

3 hours ago - World

Map: A look at world population density in 3D

This fascinating map is made by Alasdair Rae of Sheffield, England, a former professor of urban studies who is the founder of Automatic Knowledge. It shows world population density in 3D.

Details: "No land is shown on the map, only the locations where people actually live. ... The higher the spike, the more people live in an area. Where there are no spikes, there are no people (e.g. you can clearly identify ... the Sahara Desert)."

Biden's Day 1 challenges: The immigration reset

Illustration: Aïda Amer/Axios

President-elect Biden has an aggressive Day 1 immigration agenda that relies heavily on executive actions to undo President Trump's crackdown.

Why it matters: It's not that easy. Trump issued more than 400 executive actions on immigration. Advocates are fired up. The Supreme Court could threaten the Deferred Action for Childhood Arrivals (DACA) program, and experts warn there could be another surge at the border.