"We're best friends," says Russell, the Phat Farm and Def Jam Records founder. "We're still going to have our media interests and our fashion interests. I am producing her reality show VH1's The Kimora Lee Simmons Show.
Russell confirms he's been seeing a model from the Dominican Republic, Denise Vasi, but denied reports of infidelity, saying he'd been honest with Kimora about his new friend.
In a statement, Russell said, "Kimora and I will remain committed parents and caring friends with great love and admiration for each other. We will also continue to work side by side on a daily basis as partners in all of our businesses."