00:00Iconic Nathan's Famous Hot Dog sold in $450 million de...
00:05Some brands don't just sell food, they sell July.
00:10Over a century, Nathan's Famous has been less about the hot dog itself, and more about the
00:14special...
00:15...the spectacle, the tradition, and that one chaotic day every summer when...
00:20Grown adults willingly punish their digestive systems on live television.
00:24Now...
00:25That legacy has a new owner.
00:27The Coney Island hot dog brand that built a century-long...
00:30...reputation on a single stand and a single product has been sold for about $400...
00:35...$50 million to Smithfield Foods, a food processing company based in Smithfield...
00:40...Virginia.
00:41The long-time producer is reportedly acquiring Nathan's Famous at a price...
00:45...of $102 per share.
00:47The buyer already has deep ties to the brand.
00:50Having produced Nathan's packaged products in the US and Canada since 2014.
00:55That existing relationship is one reason the deal does not come with major changes...
01:00...to the brand.
01:01The contest isn't going anywhere.
01:04Smithfield said it...
01:05He plans to continue hosting the annual 4th of July hot dog eating contest at Nathan's
01:09Original...
01:10...location in Coney Island.
01:11The event, which has become one of the most recognizable summer...
01:15...events in the country, will stay put outside the Surf Avenue stand where it began.
01:20The contest has helped turn Nathan's into more than a restaurant chain.
01:24It is a...
01:25...cultural fixture.
01:26Broadcast nationally and closely associated with competitive...
01:30...eating icons.
01:31Reigning champion Joey Chestnut has not yet commented publicly...
01:35...on the sale.
01:36Neither has Miki Sudo, who has dominated the women's competition...
01:40...in recent years.
01:41Founded in 1916, Nathan's famous grew from a single...
01:45...hot dog stand into a global brand.
01:47Largely by keeping its image tightly controlled while...
01:50...expanding through licensing and packaged foods.
01:53Under Smithfield's ownership...
01:55...that strategy appears set to continue.
01:57The ownership is changing.
01:59The hot dogs are not.
02:00And on July 4th, the countdown will still start at 60.
02:05...the one.
02:06The one.
02:07The one.
02:08The one.
02:09The one.
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