Walter Annenberg built an empire from Triangle Media, the debt-ridden company his father, Moses Annenberg, founded. Walter inherited the company in 1942 and turned it around with hits including TV Guide, Seventeen magazine and The Philadelphia Inquirer. He sold the company to Rupert Murdoch's News Corp for $3 billion in 1988. Upon his death, Walter donated a $1 billion art collection to the Metropolitan Museum of Art; his wife, stepchildren, grandchildren and the Annenberg Foundation split the rest. Daughter Wallis has followed in her father's philanthropic footsteps, heading the board of the A... Read More
Walter Annenberg built an empire from Triangle Media, the debt-ridden company his father, Moses Annenberg, founded. Walter inherited the company in 1942 and turned it around with hits including TV Guide, Seventeen magazine and The Philadelphia Inquirer. He sold the company to Rupert Murdoch's News Corp for $3 billion in 1988. Upon his death, Walter donated a $1 billion art collection to the Metropolitan Museum of Art; his wife, stepchildren, grandchildren and the Annenberg Foundation split the rest. Daughter Wallis has followed in her father's philanthropic footsteps, heading the board of the Annenberg Foundation, which has made more than $4.5 billion in grants since its 1989 inception. Notable recipients include the Annenberg School for Communication & Journalism at the University of Southern California, and the University of Pennsylvania's Annenberg School for Communication. The family's former Sunnylands Ranch in Rancho Mirage, California, now belongs to the foundation and is used as a political retreat; President Obama visited twice in 2013. Read Less
