Herbert Allen Sr. first started Allen & Company in the early 1920’s with his brother Charles. They later invested in many successful endeavors launching them into the ship building industry, the steel industry, the insurance industry, the drug industry including a big purchase of a birth control pill company, and chemical companies which made them hugely famous and very wealthy.
In the early 1970’s, Herb Allen Jr. took over running of the company after graduating from college, at a young age of 27. He then became CEO and decided to turn the company towards the entertainment arena. One of his biggest purchases was buying a large part of Columbia Pictures, which gave him a controlling share of the company.
Later in the early 1980’s, Coca-Cola decided to buy the company and bought it for three quarters of a million dollars. Out of that deal, Mr. Allen sold his shares and he made a profit of just under 50 million and he was then placed on the Board of Directors of Coca-Cola. This was a huge amount of money for that time era. He later helped them sell the company to Sony in the late 1990’s for almost 3 ½ billion.
These transactions boosted Allen & Company to one of the biggest investment advising companies on 5th Avenue in New York. Allen Jr. stepped down from running Allen & Company in 2002, and let Herbert Allen lll take over the company. Mr. Allen’s was estimated to be worth a cool $2.0 billion by Forbes Magazine in 2008. This gave him the spot of #227, of the 400 richest Americans in the world.
Mr. Allen has worked over 30 years to also earn the title as one of the most important investment advisers to some of the biggest media giants in the world. His firm has built up an list of A-list clients such as Oprah Winfrey Google founders- Larry Page and Sergei Brin, Michael Eisner, and Rupert Murdoch and some of the biggest and wealthiest in major league baseball. This big time investment advisor is even more famously known for his yearly gathering at Sun Valley that gathers some of the biggest devotees and business moguls in the world and was started in 1982.
Sr. and Jr. now have a company that boasts employees of 250 and can be found at the famous address of 711 Fifth Avenue in New York.