Twinkies have been around for almost a hundred years. During the course of the cake’s history, the company that makes Twinkies went into bankruptcy twice. WSJ’s Jesse Newman explains the strategic changes and snacking trends that led J.M. Smucker to announce it is buying Hostess for $4.6 billion. Further Listening: -The Agony and the Ecstasy of Tab  -Oatly Pioneered Oat Milk. Now it’s Struggling to Keep Up.  -PepsiCo’s New Healthy Diet: More Potato Chips and Soda  Further Reading: -Why the Twinkie Is Now Worth Billions  -Smucker Sets Sights on Snacks With $4.6 Billion Twinkies Deal  -America Is Binging on Snacks, and Food Companies Are Eating It Up  Learn more about your ad choices. Visit megaphone.fm/adchoices