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‘KPop Demon Hunters’ Is Netflix’s First No. 1 Box-Office Hit; Keurig Dr Pepper Strikes $18 Billion Deal for Peet’s and Stumptown Owner; Dillard’s Buys a Mall
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Welcome back. Today, Huntr/x don’t miss for Netflix, coffee and soda might not mix after all and a department store chain buys real estate while competitors sell theirs.
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Rumi, Zoey and Mira carb-load for the fans in ‘KPop Demon Hunters.’ Photo: Netflix/AP
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“KPop Demon Hunters” was the top film during a quiet weekend weekend for the box office, Netflix’s first No. 1 in theaters, Ben Fritz reports.
A singalong version of the animated movie, about a Korean girls band that battles demons with music, grossed an estimated $18 million in the U.S. and Canada. (Netflix can thank my family for some of that haul.)
That “KPop Demon Hunters” was even released in theaters is a testament to its popularity, given Netflix’s generally allergic reaction to the big screen.
But the movie has been a cultural phenomenon since its late-June debut. Its anthem “Golden” is as good a contender for song of the summer as any, related memes are ubiquitous on social media and, as most parents can confirm, its leads are likely the biggest movie stars for kids since “Frozen.”
More movie news: Bollywood star Aamir Khan will bring his movie catalog as well as new short and longform content to YouTube, spurning major streaming rivals. [Bloomberg]
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Content from our sponsor: Deloitte
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CMO Rising: Learning From the Past, Looking to the Future
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Over the past 10 years, top marketers added new responsibilities and earned a seat at the C-suite table. With a broader scope, the CMO role may be poised to drive continued growth and transformation. Read More
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Keurig Dr Pepper agreed to buy the owner of Peet’s Coffee—to set up a new corporate split. Photo: Poppy Lynch for WSJ
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Keurig Dr Pepper has struck a deal to buy Peet’s and Stumptown owner JDE Peet’s for $18 billion, a prelude to spinning off its coffee brands into a separate public company, Laura Cooper and Ben Dummett write.
The deal is transformational for Keurig Dr Pepper and would eventually unwind the 2018 transaction that put coffee maker Keurig and beverage company Dr Pepper under the same corporate roof. At that time, the transaction was the world’s biggest in nonalcoholic drinks.
After that deal closes, Keurig Dr Pepper plans to separate into two companies listed in the U.S., one focused on coffee and the other on drinks including Dr Pepper, 7UP, Snapple and Ghost Energy.
The company’s coffee business, which includes Green Mountain coffee and Keurig machines, has struggled as competition has heated up. And U.S. tariffs on Brazilian goods including coffee beans now stand at 50%. Brazil produces more than the next five leading producers in the world combined.
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“For $60 million, you should try it
before you buy it.”
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— Eric Albert on agreeing to let prospective buyers stay at his Newport Coast, Calif., estate before making an offer. More home buyers are asking to stay overnight before making an offer, and more sellers are extending an invitation.
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Dillard’s partner in buying a mall in Longview, Texas, aims to boost foot traffic and store sales by sprucing up the property, starting with replacing broken light bulbs. Photo: Mike Muench
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Big department-store chains from JCPenney to Macy’s are closing stores in malls and looking to wring out profits by selling their real estate, but Dillard’s is bucking the trend by buying an entire mall, Kate King reports.
The department-store chain and a partner this month purchased the Longview Mall in Texas, about two hours east of Dallas, for $34 million.
Dillard’s wanted to ensure the property didn’t fall into the wrong hands.
“There are some bad actors out there in the mall industry that have been buying malls,” said Chris Johnson, co-chief financial officer at Dillard’s. “They are not paying their utility bills, not paying property taxes. Every mall they own deteriorates.”
Most retailers in that situation can move to a new shopping center when their leases expire, but department stores typically own the anchor space they occupy and are therefore more entwined with a mall’s fate.
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A consortium of investors led by Elon Musk in February made an unsolicited bid for the nonprofit that controls OpenAI. Photo: Francis Chung/Pool/EPA-EFE/Shutterstock
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Elon Musk tried to enlist Mark Zuckerberg as part of his $97.4 billion bid to take over OpenAI earlier this year, court filings show. [WSJ]
Rivian designed its charging outposts as branding tools with local coffee and art, upscale snacks and trendy souvenirs. [Modern Retail]
The creator of the Panama Playlists was revealed as a 23-year-old engineer trying to remind us how much we unwittingly share online (and that Spotify playlists are public by default). [NYT]
Price hikes are “part of our toolbox now,” a Spotify executive said, but will be imposed in conjunction with new services and features. [FT]
The new regime at Paramount canceled Showtime’s “Dexter: Original Sin,” reversing the show’s previously announced renewal. [Variety]
Wealthy Hamptons residents can thank the old USA show “Royal Pains,” about a concierge doctor in the Hamptons, for inspiring an entrepreneur to become their own “Dr. Hamptons.” [WSJ]
How Grey Goose keeps up the momentum for its Honey Deuce, the cocktail introduced in 2007 and only available during the U.S. Open. [Front Office Sports]
The hot drink on golf courses this summer is the Water Hazard, a TikTok-friendly combination of vodka, blue Gatorade, lemonade and Sprite. [BI]
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