His Empire
Bronfman's Distillers Corporation acquired Joseph E. Seagram & Sons of Waterloo, Ontario, from the heirs of Joseph Seagram in 1928. Bronfman eventually built an empire based on the appeal of brand names developed previously by Seagram—including Calvert, Dewars, and Seven Crown—to higher-level consumers. His sales were boosted during the United States' abortive experiment with prohibition, and he was apparently able to do so while staying within the confines of both Canadian law where prohibition laws had been previously repealed and American law, while dealing with unsavory characters such as the Chicago Outfit of gangster Al Capone.
His renamed company, Seagram Co. Ltd., became an international distributor of alcoholic beverages, and a diversified conglomerate which included an entertainment branch.
Because of changes to US tax law in the Lyndon Johnson administration, it became advantageous for Bronfman to purchase an oil company, which he did with the purchase of Texas Pacific Coal and Oil Company in 1963 for $50 million. In 1980, the Bronfman heirs sold the Texas Pacific Oil holdings to Sun Oil Co. for $2.3 billion.
The Seagram assets have since been acquired by other companies, notably The Coca-Cola Company, Diageo, and Pernod Ricard.
Read more about this topic: Samuel Bronfman
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