A phantom-equity clause in the contract Snoop signed with Pabst when he was hired as a Colt 45 brand ambassador in 2011 entitled him to a tenth of Colt 45’s net sales price in the event the brewing company was sold before 2016, he claims in his lawsuit.
It just so happens that is exactly what happened.
In 2014, TSG Consumer Partners, a San Francisco-based private equity firm, bought Pabst and its subsidiaries, including Colt 45, for a reported $700 million, according to court documents. Those documents do not reveal, however, how much 10 percent of Colt 45’s net sale price might be.
Last night, Pabst responded to the lawsuit by offering to just, like, talk it out, guy.
“We have not been contacted by Snoop Dogg or his representatives about this issue,” a Pabst spokesperson told The Hollywood Reporter. “We are investigating the matter and would be happy to talk to Snoop or his representatives to try to get to the bottom of this.”
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