PARC will simultaneously sell the parks to CNL Income Properties Inc., a Florida-based real estate investment trust, and lease them from CNL. The sale is expected to be completed in March, Six Flags said. It includes $275 million in cash and a note receivable for $37 million.

The parks included in the sale are: Six Flags Darien Lake in Buffalo, New York; Six Flags Elitch Gardens in Denver; Frontier City and the White Water Bay water park in Oklahoma City; SplashTown in Houston; Waterworld USA in Concord, California; and Wild Waves and Enchanted Village in Seattle.  Magic Mountain is not included in the sale.

The company will use the proceeds to help cut its debt-load of $2.2 billion.

CEO Mark Shapiro also wants to increase revenue with corporate sponsorships, including deals with Home Depot Inc., H.J. Heinz Co. and Papa John's.

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