PBR sold to Russia-based company

A Russia-based company announced today it purchased beloved American beer company Pabst Brewing, according to CNN.

Now based in Los Angeles, Pabst traces its roots to 1944. They tacked on the "Blue Ribbon" name after a competition at the 1893 Chicago World's Fair.

PBR, brewed in Milwaukee, is known for is relatively low price tag. The purchase also includes other Pabst-owned beers, including Schlitz, Old Milwaukee and malt liquor Colt 45.

Oasis Beverages says the company with remain in Los Angeles. The company was owned by C. Dean Metropoulos, who also owns Hostess.

Oasis told CNN there are no plans to make any changes to recipes.

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