Multinational beverage and brewing company Anheuser Busch is reportedly selling several of its brands after losing millions of dollars due to the Dylan Mulvaney controversy. On August 8, media outlet The Street published a report stating the Belgium-based brewing company is selling several brands under its umbrella to Canadian consumer goods company, Tilray.
On August 3, the company released its Second Quarter 2023 report, which revealed a 10 percent decline in revenue in the United States due to a drop in sales of its flagship brand. The company’s sales to US retailers decreased by 14 percent, underperforming in the beer industry, primarily due to a decline in the sales of Bud Light.
In North America, revenue declined by $395 million compared to the same period last year. The previous number included sales in Canada, where revenue increased, implying that the decline was not limited to the United States and that Bud Light’s losses may have been substantially bigger.
Twitter user @realmichaelseif states that Bud Light’s parent company lost more than $27 billion in market value. This was mainly due to the brewery brand being branded “woke” after it hired trans actress Dylan Mulvaney to promote Bud Light by sending her customized beer cans.
Which brands are being sold by Anheuser Busch?
Canadian pharmaceutical and cannabis-lifestyle company, Tilray, will reportedly buy several beer brands from the now-controversial Anheuser Busch company. As per early reports, Tilray will acquire the following brands under its umbrella:
- Shock Top
- Breckenridge Brewery
- Blue Point Brewing Company
- 10 Barrel Brewing Company
- Redhook Brewery
- Widmer Brothers Brewing
- Square Mile Cider Company
- HiBall Energy
The cannabis-maker company said the deal would include the workers, brewers, and brewpubs already connected to Anheuser Busch. It didn’t disclose how much the deal would cost, but it said that it would be paid for in cash and that the deal should be done by the end of 2023.
Andy Thomas, the president of Anheuser-Busch, said that Tilray approached the brewing company earlier in 2023. However, he did not reveal when the deal was finalized or if the backlash against Bud Light had anything to do with the parent company’s choice to sell eight of its brands to a foreign conglomerate.
After the sale, Tilray will be the fifth biggest craft brewer in the US, up from the ninth before the deal.
Anheuser Busch has been in the midst of a controversy since April 2023 when it partnered with trans influencer Dylan Mulvaney. The brand sent the 26-year-old personality personalized beer cans with her face on them to celebrate 365 days of her womanhood.
However, soon after, Anheuser Busch faced severe backlash from right-wing supporters who labeled Bud Light “woke.” Anti-trans critics called for a boycott of the brand and threw away their cans while uploading videos of doing so.
Some celebrities also joined the anti-trans bandwagon. Singer Kid Rock shared a video on his Instagram handle shooting cans of Bud Light from a distance while announcing his displeasure with Anheuser Busch’s move.
He was joined by singer Brantley Gilbert who also smashed Bud Light beer cans on stage.
On the other hand, LGBTQ+ activists attacked the beverage giant, claiming it had done little to help Mulvaney and the larger trans community. Dylan Mulvaney also shared her disappointment with the company’s response.
More from Sportskeeda
Categories: Trending
Source: newstars.edu.vn