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Industry Announcements: Cedar Fair purchases Paramount Parks for $1.24B

Posted at 10:41 AM EDT (1441 GMT)

May. 22nd, 2006 -- Cedar Fair and CBS Corp. has announced that it will purchase Paramount Parks from CBS Corp. for $1.24 billion.

CBS Corp., which has been looking to sell the parks as they didn't fit within its strategy and other media holdings, will sell King's Island near Cincinnati, Ohio, Kings Dominion near Richmond, Va, Carowinds near Charlotte, N.C., Great America in Santa Clara, Calif, and Canada's Wonderland near Toronto, Ontario in Canada, to Cedar Fair, with other terms yet to be disclosed, pending regulatory approval.

For the purchase, Cedar Fair was advised by Bear, Stearns & Co. Inc. and Rothschild, Inc., and Bear Stearns will provide $2.0 billion in committed financing to aid in completing this transaction.

In 2005, Paramount Parks generated revenues of approximately $423 million while entertaining 12.2 million guests. Cedar Fair reported $569 million in revenues and 12.7 million guest visits. On a combined basis, the two companies generated almost $1 billion in revenues and entertained approximately 25 million guests in 2005.

For more, visit Yahoo! News and the Cedar Fair Press Release.

RELATED STOCK QUOTES: FUN, VIA, CBS


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Comments
coastrfreak2000

Joined: Jan 2006
Posts: 788

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OMG! My home park-Canada's Wonderland...being owned by Cedar Fair! It's a dream come true!I wonder how they will run the parks. It will take some getting used to with the new names of several of the rides if they are changed.

5/22/2006 10:50 AM
Wes

Joined: Sep 2001
Posts: 11378

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Not surprising, but still kind of a shock.

5/22/2006 10:53 AM
CoasterJunkie

Joined: Aug 2002
Posts: 341

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This doesn't automatically mean renaming rides. While it is a strong possibility, Cedar Fair might work out a licensing deal to keep the names, at least for a while.

5/22/2006 11:33 AM
DaleE4lifefan

Joined: Feb 2003
Posts: 297

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They will only rename the rides owned by the cartoon company Nick.Or if its has a copy right to it.

5/22/2006 11:39 AM
Steven

Joined: Jun 2001
Posts: 7717

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Let's not panic... they could do a licensing deal as part of the agreement. Nothing has been said about it, and some terms didn't look like they were finalized.

5/22/2006 12:01 PM
Griswold

Joined: Jun 2001
Posts: 861

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I don't care what happens as long as the Beast does not get renamed!

5/22/2006 12:04 PM
Bruns

Joined: May 2004
Posts: 577

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I don't think anything that isn't named after a movie/TV show will be re-named. At GL, they renamed Superman: Ultimate Escape and Batman: Knight Flight because, hey, they don't own those names. But they left The Villain's name alone. I think The Beast will always be The Beast.

5/22/2006 12:19 PM
Riddler156

Joined: Jan 2002
Posts: 1377

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Wow this is really interesting! Has anyone else realized that CF now owns all the major parks in Ohio?

5/22/2006 1:35 PM
Wes

Joined: Sep 2001
Posts: 11378

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^ Yes. Most people in the amusement industry community realize that CF now owns all the major parks in Ohio.

5/22/2006 1:58 PM
Riddler156

Joined: Jan 2002
Posts: 1377

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^Well I knew that they know. I was just commenting on that.

5/22/2006 2:01 PM
ltngrcr9051

Joined: May 2001
Posts: 405

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I'm wondering about the future of the former Paramount Parks. That quintet have always (at least to my limited knowldege) been marketed as <i>theme</i> parks, whereas Cedar Fair mostly does <i>amusement</i> parks. I should hope that the new management does not begin to detheme their properties.
I highly doubt that The Beast would get renamed, along with a number of other rides, since when CF bought Geauga Lake, X-Flight stayed X-Flight, The Villain stayed The Villain, etc. The thing that concerns me the most is that if the Nickelodeon characters start showing up at Michigan's Adventure, or if Charlie Brown and the Peanuts characters make appearances at King's Dominion. That would be a bit discomforting to me.

5/22/2006 2:41 PM
Wes

Joined: Sep 2001
Posts: 11378

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More information is here...

http://www.thrillnetwork.com/stories...r_purchase.html

5/22/2006 2:45 PM
Sir Willow

Joined: May 2001
Posts: 3550

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^ You touched on my biggest concern- Cedar Fair doesn't do theme parks, they do amusement parks. I'm a bit worried about what it going to happen to the theming and development of the parks over the next few years.

Knott's is a good example of what Cedar Fair might do to a park. Whether or not that's a good thing, I'll let you decide.

5/22/2006 2:50 PM
SFKK GUY

Joined: Feb 2006
Posts: 493

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Originally the purchase was suppose to contain all the rights of the themeing and such, the nick universe is the same, it's all part of the purchase.

5/22/2006 7:21 PM
5150

Joined: Jul 2004
Posts: 364

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WOW! This will cut down on my season pass collection!

5/23/2006 3:51 AM
Komatz70

Joined: Oct 2005
Posts: 468

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Hummm, hopefully we can buy to Nickelodeon and hello to Snoopy at Carowinds...that would be alot better..and worries about themeing...when did Paramount parts become Disney, Busch, or Universal? I haven't seen that much themeing at Carowinds...

5/23/2006 6:18 PM
CHILLERLC1

Joined: May 2001
Posts: 8430

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Cedar Fair now will own two Vekoma Flyers. ha. The Beast will always be The Beast. Will there be a new ticket/media package to visit the Big Three in Ohio? King's Island will just revert to King's Island. What will happen to Great America's name? Will it just change back? Did Paramount feature Coke products and therefore switch to Pepsi?

5/26/2006 9:13 PM


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