Allen Jr. was raised in Irvington, New York and graduated from Williams College in 1962 and immediately joined Allen & Company. In 1966, at age twenty-seven, he was appointed President. In 1973, Allen & Company purchased a controlling interest in Columbia Pictures. In 1982, Allen & Company launched the Sun Valley Conference and The Coca-Cola Company bought Columbia for $750 million in cash and stock giving Allen Jr. a seat on the Board of Directors.