arts

SeaWorld theme parks were reeling from declining attendance and bad publicity when money manager Scott Ross showed up in 2017 and started agitating for change.Shares of the Orlando, Fla., company surged to an all-time high in March of this year, far outperforming rivals Six Flags Entertainment Corp. and Cedar FairLP, before a broad market selloff in May. SeaWorld’s sales and profits also notched records last year, as visitors bought pricier tickets to try out new rides and spent more on food, drinks and souvenirs than…

In an entertainment industry full of uncertainty, few movies seemed as sure a bet as a sequel to the 1986 classic “Top Gun.” The Chinese tech firm Tencent Holdings Ltd. TCEHY 3.43% in 2019 signed on to co-finance the film, which the Shenzhen-based conglomerate hoped would yield a windfall at the box office. Yet when “Top Gun: Maverick” hits theaters this weekend, it will do so without any financing from Tencent, and without any mention of the Chinese firm that had once…

When U.S. soccer star Alex Morgan played in the 2015 Women’s World Cup, merchandise for the victorious U.S. team was in such short supply that her family couldn’t find any. So her father printed a flag and his daughter’s name on a few dozen T-shirts for family and friends.Four years later, gear was still scarce for the 2019 Women’s World Cup, despite the success of the previous tournament. This time, Ms. Morgan and teammates Allie Long and…

McDonald’s Corp. MCD 1.86% shareholders voted down two director nominees backed by activist investor Carl Icahn as part of his effort to change the way the fast food giant’s pork suppliers treat hogs.The Wall Street Journal reported Tuesday that McDonald’s MCD 1.86% was poised to prevail. Shareholders Thursday re-elected the company’s full 12-member board, McDonald’s…

A fund backed by private-equity firm Blackstone Inc. BX 2.92% has purchased the rights to Justin Timberlake’s song catalog in the venture’s largest music-rights acquisition so far, fund executives said.Terms of the deal, which was done in partnership with music-investment company Hipgnosis SONG 0.54% Song Management Ltd., weren’t disclosed. People familiar with the matter said it is valued…

Graphics-chip maker Nvidia Corp. NVDA 5.08% gave a muted sales outlook, citing supply-chain disruptions in China and reduced business in Russia, as it posted record sales for the most recent quarter.Nvidia said sales in the current quarter are likely to come in at $8.1 billion, missing Wall Street forecasts. The company said it anticipated a roughly $500 million hit to sales relating to Russia and Covid-19 lockdowns in China. Nvidia’s sales of chips to big server farms…

China’s strict Covid-19 lockdowns are hurting consumer spending for everything from coffee to sneakers and hotels, weighing on multinationals with a big presence in the country and blunting the postpandemic rebound that other parts of the world have experienced. The first three months of 2022 would have been financially stronger “if we didn’t have…the China drag,” said Paul Edgecliffe-Johnson, IHG’s chief financial officer, during an earnings call earlier this month. IHG’s China revenues per…

Starbucks Corp. SBUX -0.95% is selling its cold-pressed juice brand, as the company focuses on its coffee-drink business and improving its stores and relations with its cafe workers under interim Chief Executive Howard Schultz. Fresh-food maker Bolthouse Farms Inc. said it agreed to acquire Starbucks’s Evolution Fresh line of juices, which currently are sold in Starbucks cafes and supermarkets. Terms of the deal, which Bolthouse said is…

Some resort owners think they have found a way to avoid getting stuck with excess inventory when guests cancel at the last minute.It involves converting room nights for sale into nonfungible tokens, or NFTs, that can be bought or sold by hotel guests, similar to the StubHub market for concert and sporting event tickets. Owners say this ensures they get paid for the rooms because guests would sell their reservation in the market if they decide not to go, and appeal to the crypto-enthusiastic traveler. “We can…

Trian Fund Management LP, Wendy’s Co. WEN -2.34% ’s largest shareholder, said it is exploring an acquisition or another potential deal for the fast-food restaurant, as it works to improve sales and deals with rising costs. The activist hedge fund said it advised the fast-food restaurant chain’s board that it intends to explore and evaluate a potential transaction, alone or with third parties, to enhance shareholder value, according to a…