Noted hipster beer Pabst Blue Ribbon is up for sale again. The iconic cheap beer is being unloaded by food industry investor C. Dean Metropoulos, and according to those close to the source is expected to go for between $500 million and $1 billion. The Pabst Brewing Co. portfolio also includes Schlitz and Old Milwaukee, so whoever ends up purchasing it will have a whole cheap beer empire at their fingertips.
Metropoulos is an interesting figure in the food industry, and is known for turning around failing food brands, according to Reuters. His most recent acquisition was Twinkies, Ding Dongs, and Cupcakes from Hostess Brands; before that, he helped revive Chef Boyardee, Bumble Bee Tuna, and Vlasic pickles.
The news shouldn't affect Mission bars much -- S.F. is much more a Tecate and Miller High Life town -- but it will be interesting to see what comes of the beer that inspired a New York Times Magazine trend piece on its under-the-radar coolness which promptly ruined its under-the-radar coolness. In lieu of a buyer, the company is also considering an initial public offering.