Blackstone Will Sell $498 Million in SeaWorld Stocks
It is now old news that the controversial documentary “Blackfish” took a monumental toll on the SeaWorld corporation during the weeks and months after its release. In the wake of the film, celebrities spoke out, activists boycotted, performers cancelled and stocks dropped. However, the effects of the moving documentary have lasted until today – more than a year after its premier at the Sundance Film Festival.
According to a prospectus filed on Monday, The Blackstone Group is planning to sell 15 million shares of SeaWorld Entertainment. The shares, which were valued at $33.17 each at close of market last Friday, are worth about 498 million dollars.
Blackstone currently has a 42.8 percent stake in SeaWorld, but that amount will go down to 25 percent after the shares are sold. SeaWorld is expected to buy some of the shares directly from Blackstone in a private transaction.
Since the release of “Blackfish” raised disturbing questions about SeaWorld’s treatment of captive orcas and brought the corporation into the public eye, considerable financial difficulties have mounted against SeaWorld.
In the months after “Blackfish” was released, many parks were forces to cut ticket prices after attendance plummeted and, as a result, stock prices suffered.
Bad news for SeaWorld. Great news for captive orcas.
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