The New York Post reported yesterday that a $4.1 billion sale to Destiny Capital Solutions was near. The Post had reported three weeks ago that Cedar Fair was shopping itself, to raise cash after tapping itself out to buy the former Paramount Parks from Viacom last year.
Cedar Fair CEO Dick Kinzel confirmed, via press release, that Cedar Fair's gotten inquiries from potential buyers, but denied the sale rumor:
"Although as a matter of policy we do not normally comment on market rumors, an article today reports a claim by an organization referred to as Destiny Capital' that constructive negotiations with the company have been undertaken. We are not currently in discussions with that organization or any other party for the sale of the company."
[editor's snarky comment]In other words, we don't have a deal yet, so keep those offers coming![/editor's snarky comment]
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Cedar Fair just had their conference call, and profit is up for the company. Attendance is down, but operating costs are down, and guest spending is up enough to cover the decrease, which was reportedly due at least in part to a reduction in the number of operating days. In plain speak, Cedar Fair is so far still turning a profit despite the heavy burden of debt they've shouldered.