Skaterooni
05-23-2006, 01:28 AM
Ok, if your not interested in roller coasters and theme parks.. Ignore this thread.
It's official, Cedar Fair bought Paramount Parks.. Now instead of seeing nickelodean characters and rides, you will soon see rides being re-themed.. renamed.. and parks being renamed and changed almost completely..
It's a really sad thing, I'm going to miss alot of the paramount stuff in the parks. But I guess more suprises await as we see what Cedar Fair decides to do with them.. ( If you don't know, Cedar Fair owns big name parks like Knott's Berry Farm and Cedar Point. )
Heres the article:
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 **** 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.”
Wow..
-Bb
It's official, Cedar Fair bought Paramount Parks.. Now instead of seeing nickelodean characters and rides, you will soon see rides being re-themed.. renamed.. and parks being renamed and changed almost completely..
It's a really sad thing, I'm going to miss alot of the paramount stuff in the parks. But I guess more suprises await as we see what Cedar Fair decides to do with them.. ( If you don't know, Cedar Fair owns big name parks like Knott's Berry Farm and Cedar Point. )
Heres the article:
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 **** 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.”
Wow..
-Bb