Cedar Fair buys PARAMOUNT PARKS!

CF now owns all of Ohio!
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Cedar Fair buys PARAMOUNT PARKS!

Postby Canobie Fan » Mon May 22, 2006 6:29 am

http://www.cedarfair.com/ir/press_relea ... tory_id=69

CEDAR FAIR, L.P. TO ACQUIRE PARAMOUNT PARKS


SANDUSKY, OHIO, May 22, 2006 -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates seven amusement parks and five water parks, today announced that it has signed a definitive agreement for the acquisition of the Paramount Parks. Cedar Fair, L.P. will acquire the stock of Paramount Parks, Inc., a wholly owned subsidiary of CBS Corporation (NYSE: CBS) (NYSE: CBSA) for a cash purchase price of $1.24 billion.

The five Paramount Parks consist of Canada’s Wonderland near Toronto, Canada; King’s Island near Cincinnati, Ohio; King’s Dominion near Richmond, Virginia; Carowinds near Charlotte, North Carolina; and Great America located in Santa Clara, California.

“This transaction offers a unique opportunity for us to acquire a world-class asset portfolio,” said Dick Kinzel, Cedar Fair’s chairman, president and chief executive officer. “It is not every day that we have the chance to purchase five great family-oriented parks that fit extremely well with our existing parks. This acquisition will provide exciting new growth opportunities and the potential for meaningful incremental free cash flow as we realize $20-$30 million in annual cash flow synergies over the next 3-5 years. It will also add significant geographic diversity to our portfolio of parks and improve our position as one of the largest regional amusement park operators in the world.”


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Postby rollermonkey » Mon May 22, 2006 6:32 am

HUGE!

I can't decide if this is good or bad!

=) or :cry:

SO much to think about!

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Postby Reon » Mon May 22, 2006 6:35 am

Yyyyup. I called it. Although ever since I claimed that months ago, I started to have doubts. Hello inflated prices at PKI! (Well, further inflated anyway)
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Postby CoasterFanatic » Mon May 22, 2006 6:44 am

Here is that "BANG!" everyone was waiting for.
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Postby jarmor » Mon May 22, 2006 6:48 am

Well...I did have a talk w/ bob white the gm at carowinds and he told me that we should be quite happy w/ the new owners and this will be nothing like the six flags saga...but time will tell!
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Postby Steve K » Mon May 22, 2006 6:56 am

Well I can't say that this suprises me at all. I think this is a smart move on Cedar Fairs' part, however I would rather have had a small investment group take over Paramount Parks. It'll be interesting what Cedar Fairs will do with the the theming without the rights to some of the themes.

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Postby JamminJ » Mon May 22, 2006 6:58 am

^A certain webmaster of a site I can't mention said this:

Also, while none of it is final, at least some of the licensing agreements will be in place for the foreseeable future, since they were just established when CBS split off of Viacom. Spongebob will be around for awhile.


Should be an interesting couple of months.

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Postby FlyingScooter » Mon May 22, 2006 7:07 am

Now CF completely controls Ohio. Between CP, GL and PKI, that's a heap of coasters and real estate.

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Postby Homer » Mon May 22, 2006 7:08 am

Never expected Cedar Fair to buy an entire chain!

Well, cant wait for the renames, especially if theres another "Beaver Land Mine Ride".
-My butt has touched 112 roller coasters, how unfortunate.

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Postby RCoasterny » Mon May 22, 2006 7:08 am

It can be a good move for the parks. Look what happened to Dorney Park. Canada Wonderland would finally get a hyper! :br

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