Cedar Fair purchases Paramount Parks
Cedar Fair, which owns and operates seven amusement parks and five water parks, including flagship Cedar Point
, will acquire the Paramount Parks chain from CBS for $1.24 billion in cash.
Paramount's parks are Canada's Wonderland, near Toronto, Canada, Kings Island, near Cincinnati, Kings Dominion, near Richmond, Va., Carowinds near Charlotte, N.C., and Great America in Santa Clara, Cal. The Paramount Parks generated revenues of approximately $423 million and had aproximately 12.2 million guests in 2005. Combined, the two park chains generated approximately $1 billion in revenues and had approximately 25 million guests in 2005.
See Cedar Fair's press release for more.
Could this be a good or bad thing? You decide.
[Editor's note: The *huge* question: Snoopy or Nickelodeon? Or, somehow, both?
Cedar Fair's kids' lands are themed to the "Peanuts" franchise while Paramount's are themed to CBS's Nickelodeon. CBS also licenses the Nick characters to the Universal theme parks, which do not compete geographically with the Paramount Parks. But Cedar Fair's Knott's Berry Farm is in the SoCal market with Universal Studios Hollywood, so a conflict would emerge if the entire Cedar Fair chain picked up the Nick license.]
It could go either way, but I would think it would be a good thing since Cedar Fair is more 'amusement park' oriented, and Paramount Parks is a subsidiary of CBS, which probably means CBS doesn’t give as much focus/spending/advertising/etc. towards the parks as it does towards their TV shows.
As a King's Dominion passholder, I think this is a great thing! For one thing, the Cedar Fair parks that I've been to have all been better-run than King's Dominion, so I would hope that CF's operations expertise can help here.
I think it'd be okay IF they don't raise the prices right away without adding other coasters, etc. It'd seem really selfish & sorta greedy if they did just because they're "Cedar Fair" & own
All I can say is this... Ha I knew it. I saw this coming down and I wish I would have had some cash to buy Cedar Fair stock a few days ago. Mr. Kinzel is retiring at the end of 2007, and his legacy with Cedar Fair is now cemented.
I think that this is excellant news to everyone who attends any Paramount park. Cedar Fair is well known for their outstanding parks as well as attractions. Now that they have aquired the Paramount chain, all that we can expect is for every park to get better attractions. Also, we can expect the parks to operate much smoother and some of the attractions that need some desperate attention will get that or will be removed is they aren't that important. I'm very excited to see what will happen in the next year or two.
This is the WORSE news! Paramount had some REALLY good stuff in the pipeline. Some stuff that could start to really give Universal and Disney a run for their money.
Since I was in Vegas when this deal was announced, I was pretty surprised when I was walking through the Star Trek Experience Backstage Tour to see a memo in the backstage area alerting cast members to the purchase.
Living in Ohio as well, I agree pretty much totally with Derek. I do share the concern that, in Ohio at least, this deal gives Cedar Fair ownership of all the major parks in the state. Time will tell on this--Cedar Fair has an excellent reputation for offering safe, top-quality rides, clean parks, and friendly staff while still keeping prices on tickets, food and lodging reasonable. And, during an economic slump, they are the first(and only, so far?)company to cut their margin a bit while still providing the same quality experience that they are known for. I don't think they'll risk that reputation, especially in the state where their flagship park is located.
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