Blackstone to scale back stake in SeaWorld
The Blackstone Group, the single largest shareholder in SeaWorld Entertainment (SEAS), plans to further cut its stake in the water theme parks company, according to The San Diego Union-Tribune.
Blackstone, which took SeaWorld public one year ago, seeks to reduce its stake to 25 percent from 43 percent, according to a prospectus filed Monday. In December, Blackstone owned 63 percent of the company, when it sold 18 million shares.
SeaWorld earlier this month reported record attendance, but continues to face pressure from people who have seen the documentary "Blackfish." The film is critical of the park's treatment of its animals, and has inspired a California lawmaker to seek a ban on the use of killer whales for entertainment shows. For its part, SeaWorld is running a campaign that characterizes the film as propaganda, not a documentary.
Read the full story at The San Diego Union-Tribune.
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-CNBC.com
