[3] Its leading brands outside whisky include Guinness, Smirnoff, Baileys liqueur, Captain Morgan rum and Tanqueray and Gordon's gin.

Its creation was driven by the executives Anthony Greener and Philip Yea at Guinness,[7] along with George Bull and John McGrath of Grand Metropolitan.

[10] As a legacy of the merger, Diageo owned a number of brands, businesses, and assets which were not in the core alcoholic drinks category.

[16] In November 2016, Diageo announced its intention of selling at auction Sir Edwin Landseer's iconic 1851 painting The Monarch of the Glen – which the company owned, but which has been on loan to the National Museum of Scotland in Edinburgh since 1999 – as it has "no direct link to our business or brands",[17] being used on the label of rival brand Glenfiddich,[18] owned by William Grant & Sons.

[23] The separate 2019 sale of the remaining wine brands including Navarro Correas and Chalone Vineyard saw Diageo exit the category.

[24] Whilst Diageo did acquire South African beer producer United National Breweries (UNB) in April 2015 shortly before the Red Stripe sale was made,[25] they divested it again in the second half of 2019.

[26] In December 2023 it was speculated in the media that Diageo would exit from the beer market entirely,[27] potentially including the Guinness brand,[28] but this was denied by the company.

In February 2024, High Court proceedings were lodged against An Bord Pleanála by an Athy resident opposing the decision to approve the project.

[49] In May 2023, it was announced that Diageo has provided funding to establish the British Aluminium Consortium for Advance Alloys (BACALL), a collective of industry experts who will create a circular economy in the UK.

[50] In 1998, Diageo sold the John Dewar & Sons, Ltd. company including Aberfeldy, Aultmore, Craigellachie, Royal Brackla distilleries and Bombay Sapphire gin to Bacardi Limited.

[56] Diageo acquired a 50% stake in Don Julio tequila through a joint venture with owner Jose Cuervo, for which they paid US$100 million in 2003.

[72] In October 2023, Diageo sold Windsor Global, which owns blended Scotch brand Windsor, to private equity firm PT W Co of South Korea, sponsored by the Pine Tree Investment & Management Co.[73] In February 2024, a report claimed Diageo was looking to sell the brands Pimm's, Safari and Pampero Rum.

[82] Diageo's previous head office facility had been located in Henrietta Place, in the Marylebone district of the City of Westminster in London, since 1996.

In 2009, Diageo announced that it was closing the Henrietta Place facility as part of a cost reduction programme and moved its employees to the Park Royal site.

[84] Diageo also owns a 34% stake in the Moet Hennessy drinks division of French luxury goods company LVMH.

[109] In August 2011, Diageo agreed to pay more than US$16 million to settle U.S. civil regulatory charges that it made improper payments to foreign officials.

Regulators accused the British company of violating the U.S. Foreign Corrupt Practices Act through its subsidiaries to obtain lucrative sales and tax benefits for its Johnnie Walker and Windsor Scotch whiskies and other brands.

[110] In January 2020, Diageo agreed to pay US$5 million to settle charges brought by the US Securities and Exchange Commission that alleged the company had pressured distributors to buy products in excess of demand in order to hit performance goals.