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Time Warner sells theme parks... again

2006-05-29

By Robert Niles: Time Warner got out of the U.S. theme park business a decade ago, when it sold the Six Flags chain of amusement parks to Premier Parks of Oklahoma City. (Premier adopted the Six Flags name for its company, but lost control of the business when its management was ousted recently by shareholders led by Dan Shapiro.) But Time Warner's remained in the theme park business outside of the United States, holding stakes in several parks, including the Warner Bros Movie World chain.

Well, at least it did. Now comes word from Australia that the company has sold its share in Queensland's Warner Bros Movie World and Sea World Gold Coast to partner Village Roadshow, also a movie company.

Village Roadshow bought out Time Warner for $254 million (about $193 million US). As part of the deal, Village gets a long-term licensing deal with Time Warner allowing it to develop Warner Bros theme parks in Asia.

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