Nathan’s Famous, which opened as a 5-cent hot dog stand in Coney Island more than a century ago, has been sold to packaged meat giant Smithfield Foods in a $450 million all-cash deal.  Smithfield, which has held rights to produce and sell Nathan’s products in the U.S., Canada and at Sam’s Clubs in Mexico since 2014, will acquire all of Nathan’s outstanding shares for $102 each. Like almost every food company, Nathan’s has been under significant inflationary pressure. Nathan’s sales costs of branded products rose 27% compared with last year in its most recent quarter and there was a 20% increase in the average cost per pound of hot dogs.

Butter may be the classic choice, but today's celebration of National Popcorn Day shows how far this snack has wandered from its plain beginni…