News
Pabst Brewing Sold - The $250M Heist
Stephen Blackwell :: Wednesday, May 26th, 2010 3:00 pm
Pabst Brewing Company has sold for 250 Million dollars, which is amazing for a variety of reasons. First, the company doesn’t actually brew anything—they outsource production to a bunch of other manufacturers. Second, of the beverage brands Pabst Brewing Company owns, only a few of them are actually beers—most of them, like Schlitz and Colt 45, are actually malt liquors, which means they were never “brewed” at all. But that’s just the beginning.
What’s more, the company who sold the brand is actually a charity— the Kalmanovitz Charitable Foundation for “hospitals and universities.” The IRS had ordered the charity to sell PBR 5 years ago when it was borderline worthless before the hipster youth gave its flagship Pabst Blue Ribbon brand a renaissance. And the brand who’s forking over the $250 large also distributes tuna fish and pickles.
So, let’s just re-cap: Charity for hospitals and universities buys crappy blue-collar beer (or whatever it is), files for IRS extension and turns it into a staple of dirty hipster culture, sells it for a mint to awfully blue-collar sounding company that distributes pickles and beer. Hospital and university beneficiaries of the 250M to be announced. I am I the only one at a loss, here?
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