Diddy and Diageo reach a settlement over racism allegations.

• Diageo and Sean "Diddy" Combs declared the conclusion of their collaboration in a joint statement on Tuesday.
• The spirits giant was accused of racism by Combs, who claimed it ignored vodka and tequila brands that he promoted or co-owned.
• Diageo will "voluntarily dismiss" Combs' lawsuits "with prejudice."

Sean "Diddy" Combs and Diageo have resolved their dispute, with Diageo admitting to neglecting vodka and tequila brands they promoted or co-owned, according to a statement made by Sean "Diddy" Combs on Tuesday.

Diageo and Combs have resolved their disputes, with Combs withdrawing his allegations against Diageo and voluntarily dismissing his lawsuits against the company with prejudice.

Diageo and Combs clarified that they no longer have any business relationship with Cîroc vodka or DeLeón tequila, which Diageo now owns solely.

Diageo and Combs reached a settlement in a lawsuit filed in Manhattan's Supreme Court last year, where Combs claimed racial discrimination and alleged that Diageo failed to properly market Cîroc vodka and DeLeón tequila as "urban" brands.

The suit sparked a monthslong dispute between Diageo and Combs.

In November, Diageo submitted a letter to prevent Combs from appearing in DeLeon tequila advertisements following Cassie's accusations of rape and abuse. The lawsuit was settled between Cassie and Combs just a day after it was filed.

In 2007, Combs Wines and Spirits and Diageo first collaborated to promote Cîroc. They later joined forces in 2013 to jointly acquire DeLeón.