What was Jerry Perenchio's net worth?
Jerry Perenchio was an American entertainment executive who had a net worth of $2.7 billion at the time of his death in 2017. Jerry Perenchio was most widely recognized for being the CEO of Univision, the largest Spanish network in the US. He was also the former talent agent for Marlon Brando and Elizabeth Taylor, among other stars. He produced many monumental sports events including the "Battle of the Sexes" tennis match between Billie Jean King and Bobbie Briggs, and the 1971 "Fight of the Century" between Muhammad Ali and Joe Frazier.
He was a producer of popular shows like "The Jeffersons" and "Diff'rent Strokes."
Parenchio united with "All in the Family" producer Norman Lear to form Embassy Communications. In 1986 they sold Embassy to Coca-Cola for $485 million. That's the same as $1.2 billion in today's dollars.
Jerry took his share of the windfall and reinvested in television. Along with two Latin American media partners, Perenchio bought Spanish channel Univision for $550 million in 1992. At the time of his death in 2017 Jerry's 16% stake in Univision was worth $1.3 billion.
Jerry Perenchio died on May 23, 2017 at the age of 86.
Early Life
Born and raised in Fresno, California, Perenchio was introduced to the entertainment industry at an early age; his family had ties to the Hollywood scene, which influenced his future career path. After attending the University of California, Los Angeles, he served as a pilot in the United States Air Force during the Korean War. Following his military service, Perenchio began his career in the mailroom of the renowned talent agency Music Corporation of America (MCA).
Rise in the Entertainment Industry
Perenchio swiftly rose through the ranks at MCA, leveraging his natural business sense and understanding of the entertainment industry. By the early 1960s, he had become a talent agent, representing high-profile clients such as Marlon Brando and Elizabeth Taylor. His involvement in securing Taylor a then-record $1 million contract for her role in "Cleopatra" solidified his reputation as a formidable negotiator.
Formation of Chartwell Artists and Landmark Productions
In 1964, Perenchio left MCA to form his own talent agency, Chartwell Artists, in partnership with Freddie Fields. Chartwell Artists represented some of the biggest names in Hollywood and was responsible for several successful television productions.
Perenchio's major breakthrough as a producer came in the form of two landmark boxing events, both featuring Muhammad Ali. The first, dubbed the "Fight of the Century," took place in 1971 against Joe Frazier. The second was 1974's "Rumble in the Jungle," where Ali fought George Foreman. These events were revolutionary in their promotion and financial success, further enhancing Perenchio's reputation as a shrewd businessman.
Acquisition of Univision
In 1992, in one of his most significant business moves, Perenchio, along with two Latin American broadcasting partners, acquired Univision, a struggling Spanish-language network. Recognizing the growing influence of the Hispanic population in the United States, Perenchio transformed Univision into a major broadcasting force. The network's success under his leadership demonstrated his ability to identify and capitalize on untapped market opportunities.
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Philanthropy
Throughout his life, Perenchio was a committed philanthropist and patron of the arts. He donated extensively to numerous causes, including education, healthcare, and the arts. One of his most significant contributions was a $500 million art collection donated to the Los Angeles County Museum of Art, one of the largest gifts in the history of American philanthropy.
Retirement and Legacy
Perenchio retired after selling Univision in 2007 but remained active in various business and philanthropic ventures. Despite his high-profile business dealings, he lived by the credo "Stay clear of the press. No interviews. No panels. No speeches. No comments. Stay out of the spotlight."
Chartwell Mansion
In 1986 Jerry bought a palatial estate in LA's Bel-Air neighborhood. The estate, which is called "Chartwell", was famous for being used in the opening credits of the television series "The Beverly Hillbillies". In 1986 Ron and Nancy Reagan moved into a house next door. Upon her death in 2016, Jerry acquired the Reagan estate for $15 million. He proceeded to raze the house and expand his gardens. Today Chartwell is 10 incredible acres in the heart of Bel Air. Several months after his death, the estate was listed for $350 million. It ultimately sold in December 2019 for $150 million to Newscorp/Fox heir Lachlan Murdoch.
