AP Photo/Pete Muller

London-based spirits maker Diageo has agreed to acquire U.S. tequila maker Casamigos for upwards of $1 billion, including a $700 million upfront payment and upwards of $300 million in milestone payments.

Why it matters: This is a reflection of rising global demand for tequila and, in particular, high-end brands. In fact, sales for the "super-premium" category represented by Casamigos have climbed more than 700% since 2002. Plus: Casamigos was co-founded by George Clooney, and we all were hoping that guy could finally get a win.

Bottom line: "Diageo already owns the Don Julio brand. But the company's executives argued that they could take Casamigos to even greater heights by selling it beyond American shores." — Michael de la Merced

Go deeper

Updated 2 mins ago - Politics & Policy

Tim Scott says Trump "misspoke" when he told Proud Boys to "stand by"

Photo: Bonnie Cash/Pool/AFP via Getty Images

Sen. Tim Scott (R-S.C.) told reporters on Wednesday that he believes President Trump "misspoke" when he told the far-right "Proud Boys" group to "stand back and stand by" in response to a question about condemning white supremacy at the first presidential debate.

Catch up quick: Moderator Chris Wallace asked Trump on Tuesday, "Are you willing, tonight, to condemn white supremacists and militia groups and to say that they need to stand down?" Trump asked who specifically he should condemn, and then responded, "Proud Boys, stand back and stand by. But I'll tell you what, somebody's got to do something about antifa and the left."

40 mins ago - Sports

Steelers-Titans NFL game delayed after coronavirus outbreak

A worker cleans a handrail at a Tennessee Titans game. Photo by Hannah Foslien/Getty Images)

The NFL announced that Sunday's game between the Tennessee Titans and the Pittsburgh Steelers has been delayed after several Titans players and staffers tested positive for the coronavirus.

Why it matters: It's the league's first game delay caused by a COVID-19 outbreak during the season, which is not taking place in a "bubble," like the NBA and MLS.

Ina Fried, author of Login
3 hours ago - Technology

Lego, Sesame Workshop back early-learning startup

Photo by Noam Galai/Getty Images

A number of leading children's brands, including Lego and Sesame Workshop, are among the investors pouring $50 million into BEGiN, the New York startup behind the early-learning program HOMER.

Why it matters: Thus far, HOMER has focused on reading apps, but with the new funding and partnerships, the company says it will expand to a full early-learning program combining digital, physical and in-person experiences, tapping some of its investors for both content and distribution.

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