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.”
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)
Proud Coney Island Ride-op for 6 years! Kings Island MSD/Racer crew of 2011 Kings Island Vortex/Windseeker crew of 2012-2013 Best Coaster Ever: Phoenix Top Steel: Intimidator 305 (Maverick in CLOSE 2nd)
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.
^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.
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