Johnny Depp has settled his lawsuit with his former business managers

A statement issued by Johnny's team confirmed: "Representatives for Johnny Depp today announce that Mr Depp has reached a settlement agreement with his former business managers, The Management Group, following legal action taken against the company by Mr. Depp in January 2017. The terms of the settlement agreement are confidential."

Though the outcome is secret, the 55-year-old actor - who has children Lily-Rose, 19, and Jack, 16, with former partner Vanessa Paradis - is "pleased" with the agreement.

The statement added: "Johnny Depp is pleased to have achieved a settlement agreement with The Management Group following the legal action he took against the company in January 2017. The lawsuit taken out against The Management Group -- and the subsequent settlement -- is a further demonstration that Johnny is determined to take firm action to protect his personal and artistic reputation in the interests of his family and his career."

The Hollywood Vampires rocker thanked his fans for their support and is now looking forward to focusing on his career.

The statement concluded: "Following the settlement, Johnny is pleased to be able to revert his full attention to his ongoing artistic endeavours, notably the second leg of the sold-out Hollywood Vampires global tour and the exciting launch of JK Rowling's 'Fantastic Beasts: The Crimes of Grindelwald', which will be released in theaters in November this year.

"Johnny extends his most sincere thanks and appreciation to the true supporters that have shown their loyalty to both him and his family over recent years."

According to The Hollywood Reporter, the settlement was reached over the weekend following mediation.

A trial had been scheduled to begin on August 15.