Allen clients–NBC, which is owned by General Electric, and perhaps two or three
others–who might like to be partners with Time Warner. Finally, the road for Seagram to
acquire or become partners with a TV network could pass through Allen.
ALLEN owns nearly forty per cent of Allen & Company, his family owns thirty-five per cent
more, and fifteen directors own the rest. Associates estimate Allen’s private fortune to be a billion dollars–a sum that helps account for his independence.
Herbert Allen and Charlie Allen. Now, this Herbert Allen, Jr., you’ve probably heard about
him, he was a big wheel, he was the head of–he sold Columbia to Sony and he’s the son of Herbert Allen. They started as bucket brokers in the twenties. Do you know what a bucket broker is? A bucket broker was a guy that was taking all these orders on a phone, and then after he’d get the order, he’d just throw it in the bucket.
ANNALS OF COMMUNICATIONS, THE NEW YORKER – MAY 22, 1995 THE CONSIGLIERE There are big decisions yet to be made in the MCA-Seagram deal, and they may all involve Herbert Allen.