Business briefing: Apollo Global Management buys Shutterfly for $1.74 billion

Private-equity firm Apollo Global Management is buying online photo publishing company Shutterfly, which has a facility that employs about 200 people in Shakopee, for $51 per share. Shutterfly also bought Eden Prairie-based Lifetouch in 2018. Apollo will pay $1.74 billion for the 20-year-old company, which became popular offering its users prints and photobooks of their favorite shots. But demand for that type of service has declined as people opt to share photos online through Facebook and other social networks. Redwood City, Calif.-based Shutterfly's stock closed at $50.25 per share on Monday — and was trading as high as $94.28 per share a year ago. Ryan O'Hara, the former CEO at real estate company Move Inc., will become Shutterfly's new chief executive. Apollo has bought more than 150 companies, including security company ADT, entertainment restaurant Chuck E. Cheese's and telecom firm Charter Communications.

American Airlines is pushing back the planned return of its Boeing 737 Max jets until early September, two weeks longer than the airline had previously expected. American over the weekend removed its 24 Max jets from the flight schedule through Sept. 3. The plane has been grounded around the world since mid-March, after the second of two crashes that killed a combined 346 people in Indonesia and Ethiopia. Boeing is updating anti-stall software implicated in the crashes. The aircraft maker hopes to conduct a test flight in the coming weeks to demonstrate the changes for the Federal Aviation Administration. American is canceling about 115 flights a day because of the grounding of its Max jets. Southwest and United have dropped their Max jets from schedules into early August.

The Louisiana-based McIlhenny Co., which produces Tabasco sauce, has named the great-great-grandson of Tabasco creator Edmund McIlhenny as its new president and chief executive. News outlets reported Monday that Harold Osborn will take over the company, popularly known for creating the Tabasco brand and distributing Tabasco Pepper Sauce. The Acadiana Advocate reported Osborn worked on Southern Louisiana's Avery Island and in the Avery Island salt mine for the McIlhenny Co. when he was younger. Avery Island was the birthplace of Tabasco Pepper Sauce, and was added to the National Register of Historic Places last year. The newspaper said McIlhenny Co. was founded in 1868, making it one of the U.S.'s oldest family-owned companies.

Starbucks and environmental charity Hubbub are launching a trial program to lend passengers at Britain's Gatwick Airport reusable cups while waiting for their flights in hopes of cutting down on waste. The one-month pilot program will give passengers at Britain's second-largest airport the option of borrowing the cup — rather than using a paper one — and disposing of it before getting on their flights at "Cup Check-In" points. Cups will then be washed and sterilized and returned to Starbucks for re-circulation. Organizers hope to put 2,000 reusable Starbucks cups in circulation at the airport's South Terminal. Hubbub CEO Trewin Restorick said people care about plastic waste but find "it's often hard to 'do the right thing' when traveling." The trial will show whether consumers will accept such projects.

There is yet another new streaming service coming in the next year. Quibi's twist is that it's focused on short videos for cellphones. Spokeswoman Gina Stikes confirmed Monday that Quibi will launch in April 2020 and cost $5 a month with ads and $8 a month without ads. It's run by big names — Jeffrey Katzenberg, the former Disney chairman and co-founder of DreamWorks Animation, and Meg Whitman, the former head of eBay and Hewlett-Packard — and it has attracted top Hollywood stars to make videos. It has raised $1 billion to pay for content and expects to raise $500 million for business purposes including marketing. It would enter an increasingly crowded market of subscription streaming video services, including upcoming offerings from Disney, Apple and AT&T.