At the beginning of November, news sources reported that Pabst (maker of Pabst Blue Ribbon, the official beer of our little honky-tonk band) was up for sale. Apparently, Pabst is owned by a non-profit foundation and the IRS has been trying to get the foundation to sell it for years.
The selling price? $300 million. Which doesn’t sound too bad until you hear that Pabst doesn’t even have any breweries– the last one closed in 2001. They are now essentially a marketing vehicle for a bunch of beer brands, including PBR, but also Old Milwaukee, Schlitz, Stroh’s and about 25-30 others (check out the full list here).
Well now two enterprising advertising agencies have banded together to see if they can create a mass collaboration movement to buy Pabst. They’ve created a website called Buy A Beer Company where you can actually pitch in to purchase a piece of Pabst for yourself. Once they get to $300 million in crowd-sourced funds, they make a formal offer to buy the company.
Sound like a marketing stunt? It is… but it has only been going on for two weeks, and they have already raised almost $10 million!
That’s pretty impressive for a stunt.
Who knows were this will lead? Perhaps a rival crowd-sourced movement will appear and make an aggressive counter-offer? Or maybe some rich investor will swoop in and buy Pabst, the two ad agencies, and their list of donors all at one time. One way or another, it’ll be interesting to watch what happens next. If you want to stay tuned in, you can follow the Buy a Beer Company Twitter feed here.