Nobody at the National Football League headquarters can be happy that the biggest story that came out of Sunday's Super Bowl was about the ingredients for cheap beer.
The game itself could generously be described as a little slow, and the name of the halftime show performer might have been forgotten already. But thanks to advertising by Anheuser-Busch InBev, we all know that Bud Light isn't brewed with corn syrup.
Those who suspected that the use of corn syrup isn't a big deal in brewing light beer turned out to be right, based on the thousands of words written since Sunday about the controversy. Those a little unhappy with AB InBev included corn growers here and everywhere else.
For those who missed it, the controversial spot during the game was part of Bud Light's long-running campaign with a kings and castles theme. Like the other ads in the series, it features a king with a curious fondness for Bud Light.
He leads a small group on a harrowing quest to return a huge barrel of corn syrup that had been delivered to their castle by mistake. They stop by Miller Lite first and then Coors. (Never mind that both brands are in the same competitor's portfolio.)
The Coors prince or royal brewer finally accepts the barrel of corn syrup. Then he adds, just in case anyone who watched that far missed the point, "to be clear, we brew Coors Light with corn syrup."
It's not just corn farmers who were at least a little bugged by this. Brewing beer requires a source of sugar, and corn syrup works just fine. Bud Light is brewed with rice, and that also works fine.
But for students of business, the whole episode seems baffling. For one thing, the Belgian-based AB InBev, an industry giant with more than $55 billion in sales, is really only known for one thing these days. That's trying to make money by cutting costs. Zero-based budgeting, stretched terms to suppliers, consolidated purchasing and so on are all hallmarks of AB InBev and other companies associated with the investment firm 3G Capital.