His son, Jose Joaquin, took over his businesses and later married Carmen Diaz Monreau, with whom he had six children, including Joaquin Miguel and Manolo Elizalde. By 1933, the Elizaldes already owned, among others, sugar mills, a shipping firm, an insurance firm and a mining company. After World War II, Manuel “Manolo” Elizalde saw the potential for expanding the family business to media. He and his brother, Joaquin Miguel Elizalde, then Ambassador Extraordinary and Plenipotentiary of the Philippines to the United States, helped financed the operations of the radio station KZRH—later renamed to DZRH—which was taken over by the Japanese forces during the war. They named the company Manila Broadcasting Company (MBC). The Elizaldes also acquired Philippine Broadcasting Corporation from the Soriano family.
Ang kanyang anak, si Jose Joaquin, ang sumunod na humawak ng kanyang mga negosyo at nagpakasal kay Carmen Diaz Monreau. Anim ang kanilang naging anak, kabilang sina Joaquin Miguel at Manolo Elizalde.Bandang 1933, ang mga Elizalde ay nagmamay-ari na ng mga asukarera, mga kumpanya ng shipping, insurance at mining, bukod sa iba pa. Pagkatapos ng ikalawang digmaang pandaigdig, nakita ni Manuel “Manolo” Elizalde ang potensyal para sa pagpapalawak ng negosyo ng pamilya sa media.