Charlie Sheen is the new face of an underwear company.

The 'Two and a Half Men' actor will team up with basketball star Michael Jordan in an advertising campaign for high-street giant Hanes - known for its range of quality casual clothing and underwear.

Charlie, 42, is the latest in a long line of celebrities to front adverts for the company. Previous campaigns featured Jennifer Love Hewitt, Cuba Gooding, Jr., Kevin Bacon, Marisa Tomei, Matthew Perry and Christina Applegate.

Meanwhile, Charlie and his ex-wife Denise Richards have reportedly finally reached a settlement in their bitter custody battle.

The pair - who were officially divorced in November 2006 - are both said to be satisfied with the outcome concerning their two daughters, four-year-old Sam and two-year-old Lola.

Denise's spokesperson said: "Denise is happy with the agreement and believes that it is in the best interests of their children."

"Although the parties have agreed that neither one will discuss the specific terms of the agreement, Denise is satisfied that the agreement has dealt with all of her concerns."