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Finance: Viacom may sell Paramount Parks

Posted at 11:45 PM EST (0445 GMT)

Mar. 1st, 2005 -- Paramount Parks may soon have a new owner. The media giant Viacom is considering selling the parks to a group put together by Tom McGrath, a former Viacom executive.

According to estimates, the park chain is worth between $900 million and $1 billion. McGrath's team indicated its willingness to buy the parks as an attempt to stop an upcoming auction of the chain.

However, McGrath may not be the only eager buyer. Other members of the amusement park industry, including Cedar Fair, Universal, and Six Flags are being viewed as potential new owners.

See The New York Post for more information.


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5150

Joined: Jul 2004
Posts: 364

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Oh crud! Six Flags a potential owner?? Aughhhh! It will be okay. It will be okay. It will be okay. I'm nervous.

3/2/2005 12:45 AM
coasterlove

Joined: May 2001
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That's interesting. I can't imagine Six Flags buying it if it were the chain sold as a whole since their still trying to recoup money, not spend it by buying parks again so soon. It would really be something if Cedar Fair bought them or if the parks were sold seperately and Cedar Fair bought King's Island, they would own all three big parks in Ohio. Who would've seen that just a couple years ago? Although I doubt that would happen.

3/2/2005 12:50 AM
Andrew W

Joined: May 2001
Posts: 413

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But would the parks be able to continue using the Paramount themeing? I think that's the big question. As Paramount Studios is owned by Viacom, one would think that selling the parks would mean also losing the rights to the studios movies. If that would happen, the Paramount parks wouldn't be the same. Just look at the newest rides at many of the Paramount Parks, ALL would need to be renamed. Personally, I see Universal being the only, and probably the best of the potential buyers. Six Flags, as much as I'm sure they'd like the nice parks, just doesn't have the money. If somehow they did buy them, I'd hope they'd at least do the parks justice and make them Movie World parks to reflect the significantly better themeing. Cedar Fair could be a posibility. I know they'd like to have the Ohio monopoly, but I just don't see the chain nearly doubleing in size with that one aquizition. Universal could do the parks justice in the themeing department and would probably have reasonable movie themes that they could retheme rides that need to be renamed/rethemed. Universal already has some ties with Nickelodaian so all that stuff could stay, plus I'm sure Universal would have the money to do it. Then again, wasn't NBC still looking to unload the Universal parks or is that all over? I guess if Paramounts Kings Dominion became Universals Kings Dominion, Disney might start looking again to build in the MD/VA area and that would be fine with me. ;) Personally, I'd prefer if the parks stayed just as they are, no matter who owns them...

3/2/2005 2:21 AM
Chip

Joined: Jun 2001
Posts: 7426

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Woah. This is HUGE. If they sell, so long Paramount walkways in the park. So long Top Guns. Good bye Face/Off. Italian Job? No way. At least in namesake.

If anyone buys, I hope it's Universal. They'd do a damn good job. If Cedar Fair gets it, Ohio will be Cedar Fair central. They practically run that state's parks anyway!

3/2/2005 3:54 AM
slnewbus

Joined: Aug 2003
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I hope cedar fair buys em. That would be great.

3/2/2005 5:35 AM
cannonballer

Joined: Jun 2004
Posts: 1374

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SIX FIAGS!!!!!
HELL NO!
We will all start an uprising!!!!!!!!!!!!

3/2/2005 7:39 AM
meowcoaster1

Joined: Aug 2003
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We should have a huge poll on this to see who people would rather they geyt sold to. Well, for me, it's either KECO (original owners) or Universal. Universal would be able to carry out good theming as Paramount does.

3/2/2005 8:56 AM
slnewbus

Joined: Aug 2003
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Ya, but if cf buys em, I can get in em free. lol.

edit: I made that poll its at http://www.thrillnetwork.com/boards/...newpost&t=33813

3/2/2005 4:11 PM
Kennywooddude

Joined: Feb 2004
Posts: 620

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If six flags buys them...expect to have half of the coasters shipped to other Six Flags parks and them puttong in crappy rides and renaming the Top Guns to Batman:The Ride and Vortex to Viper....Universal seems like the best IMHO

3/2/2005 5:19 PM
Phil

Joined: Jun 2002
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If anyone other than Universal buys them, this will be absolutely horrible.

3/2/2005 5:33 PM
ThunderDan

Joined: Jul 2001
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Hmm, Six Flags used to be owned by Time Warner, and entertainment company, who turned their entertainment parks into theme parks. Paramount Parks are entertainment parks that were turned into theme parks.

Cedar Fair takes out dark rides (a staple of theme parks,) destroys wooden coasters, renames coasters really badly, and puts no theming into their parks, minus what they take from SF and Paramount. Hmm, yeah I can see why CF would be so great and SF would be so bad. Michigan's Adventure and Valley Fair are HOT theme parks.

3/2/2005 5:49 PM
sfft_2108

Joined: Mar 2004
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I really hope that SF can buy out Paramount, It seems to be the best option.

3/2/2005 10:26 PM
Kennywooddude

Joined: Feb 2004
Posts: 620

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Six Flags would ruin paramount...trust me...they did it with Geauga Lake...

3/2/2005 10:37 PM
EastCoastn07

Joined: Jan 2004
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ThunderDan, you act as if Six Flags wouldn't do some of those things...The corporation would trash these parks and make them into a total joke. Six Flags would turn all the coasters into Batman: The Ride, Ninja, Viper, SuperMan: The Ultimate Escape from the Escape and many many more over used names. I would much rather have CF run these parks than SFI. Although I don't think CF will be running all of them if they take control.

3/3/2005 12:00 AM
nba30

Joined: Oct 2001
Posts: 5

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I don't think we need to worry about Six Flags based on thier current financial situation. If for some odd reason they acually did come up with the money, it sure would be easy to just copy and paste SFGAm to Paramount's Great America since they are identical parks (besides new rides).

Best options: Universal or Cedar Fair

3/3/2005 12:23 AM
ClicheCoaster

Joined: Feb 2005
Posts: 61

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If Cedar Fair makes the buy it's just as bad as if SF does.
It's not like either company would remove the brakes on beast, and it's not like either company would be able to keep up with theming the rides the way Paramount did.

I've heard rumors that the paramount theming can be bought at extra cost by whatever buyer, so it may stay for awhile (I really honestly can't remember if I read that here or at ***** though).

I can see CF or SF wanting PKD and PCW, I don't see either of them buying out PKI. It's just too much. I'd like there to be one truly unique park left in Ohio thanks.

Now, if Universal bought the parks, that'd be cool. But, who knows? It sounds like this individual buyer is the most interested, and they are most interested in dealing with him and his company. It is very likely that keeping it with him is the one way to keep the theming.


3/3/2005 1:13 AM
Real

Joined: Apr 2004
Posts: 492

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What need does CF have to pour money into MIA or VF? Really? think about it from a business perspective. Parks in the MIDDLE of no where....only really draws in a certain people....exactly, they dont have to pour money into them.

Anyways, very interesting. Even more so that CF would be interested. Even MORE than SF would, considering they have been looking for ways to MAKE money, not spend it. And even if the parks gain in the long run, they may be hurting for quite some time. Their chain is almost still too big as it is.

3/3/2005 3:20 AM
ThunderDan

Joined: Jul 2001
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"What need does CF have to pour money into MIA or VF? Really? think about it from a business perspective. Parks in the MIDDLE of no where....only really draws in a certain people....exactly, they dont have to pour money into them."

Seems that logic is only good for CF and is not allowed to be applied to SFDL, SFEG, and other smaller parks.

I think CF would keep everything freshly painted,well manicured, and may ever upgrade the maintenance on the woodies. It's the thought of them turning these future theme parks into "coaster zones" that has me worried.


3/3/2005 11:48 AM
Wes

Joined: Sep 2001
Posts: 11489

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With Six Flags up to their eyeballs in debt, I don't think we really have to worry about them buying.

The worry I have is that the parks will be split up and no longer a part of a chain together.

It's been nice having a season pass for PC and it valid at PKD and PKI.

Oh well, we'll just have to wait and see when the dust settles.

I'm hopeing for Cedar Fair :)

3/3/2005 2:43 PM
slnewbus

Joined: Aug 2003
Posts: 1652

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Thunderdan. CF doesnt take good care of their woodies. Thats why they revamped mean streak. ;)

3/3/2005 4:00 PM

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