Nathan's Famous agreed to be bought by Smithfield Foods for $450 million in cash. Smithfield is a US subsidiary of WH Group which is a Chinese pork company. The deal has caused some political backlash online about Chinese ownership of American food brands. It is worth noting that Smithfield has already held the exclusive license to manufacture and sell Nathan's products for over a decade. This acquisition just makes those rights permanent. The companies confirmed the annual July 4th hot dog eating contest will continue as usual.