Cedar Fair and Six Flags merger to complete July 1, mostly Cedar Fair executives to lead new company
Posted
From the press release on closing:
Cedar Fair, L.P. (NYSE: FUN) (“Cedar Fair”) and Six Flags Entertainment Corporation (NYSE: SIX) (“Six Flags”), today announced that they notified the New York Stock Exchange (“NYSE”) that the closing of Cedar Fair and Six Flags’ previously announced merger of equals (the “Mergers”) is expected to occur on July 1, 2024 (the “Expected Closing Date”). The completion of the Mergers is subject to the satisfaction or waiver of a number of conditions set forth in the merger agreement relating to the Mergers, including the satisfaction of regulatory conditions.
Six Flags today additionally announced that its Board of Directors has declared a special dividend of $1.53 per share of Six Flags common stock. The dividend is payable on July 1, 2024 to stockholders of record of Six Flags as of June 28, 2024 who hold their shares through the closing of the Mergers. The special dividend is conditioned on the closing of the Mergers and is being declared in accordance with the terms of the merger agreement. Accordingly, the record date and payment date may change based on the actual closing date of the Mergers.
Until the Mergers are complete, Cedar Fair’s units and Six Flags’ common stock will continue to trade on the NYSE. Upon the closing of the Mergers, (i) Cedar Fair’s units, which currently trade on the NYSE under the ticker symbol “FUN” and (ii) Six Flags’ common stock, which currently trade on the NYSE under the ticker symbol “SIX,” will cease to be listed on the NYSE following the closing of the Mergers and will each be deregistered under the Securities Exchange Act of 1934, as amended. Immediately following the closing of the Mergers, the combined company will be renamed “Six Flags Entertainment Corporation” and trading of the combined company’s common stock on the NYSE is expected to begin on the day following the Expected Closing Date, July 2, 2024, under the ticker symbol “FUN.”
From the leadership press release:
Cedar Fair, L.P. (NYSE: FUN) (“Cedar Fair”) and Six Flags Entertainment Corporation (NYSE: SIX) (“Six Flags”), today announced the senior management team that will lead the combined company following the completion of their previously announced merger of equals (the “Mergers”).
As previously announced, upon closing of the transaction, Richard Zimmerman, President and Chief Executive Officer of Cedar Fair, will serve as President and Chief Executive Officer of the combined company and Selim Bassoul, President and Chief Executive Officer of Six Flags, will serve as Executive Chairman of the combined company’s Board of Directors.
After completion of the Mergers, the following leaders will report to Zimmerman in the combined company:
- Tim Fisher, Chief Operating Officer (currently in same position at Cedar Fair)
- Brian Witherow, Chief Financial Officer (currently in same position at Cedar Fair)
- Brian Nurse, Chief Legal & Compliance Officer, and Corporate Secretary (currently in same position at Cedar Fair)
- Christian Dieckmann, Chief Strategy Officer (currently in same position at Cedar Fair)
- Gary Mick, Chief Integration Officer (currently Executive Vice President and Chief Financial Officer at Six Flags)
“We are fortunate to have a proven team of leaders who bring decades of park operating experience and significant expertise in integrating businesses and achieving synergy targets for the combined company,” said Zimmerman. “Their insights and complementary skill sets will be instrumental as we combine two of North America’s iconic amusement park companies and forge a new future together.”
The closing of the Mergers is expected to occur on July 1, 2024, subject to satisfaction or waiver of a number of conditions set forth in the merger agreement, including the satisfaction of regulatory conditions. Upon closing of the transaction, the combined company will operate under the name Six Flags Entertainment Corporation, trade under the ticker symbol “FUN” on the NYSE, and be structured as a C Corporation. The combined company will be headquartered in Charlotte, North Carolina, and will maintain significant finance and administrative operations in Sandusky, Ohio.
Thought I had seen this somewhere. Finally found it. Decision on Peanuts IP might be revealed before too long. Don't know if this means Peanuts would be renewed starting on 2025 or after. Can't see less than at least a partial renewal, but gives a time line when might hear things.
"“One of the first decisions the new Six Flags will need to make is whether to exercise the option on its Peanuts license in 2025 or to let that expire,” he said.“ Having the rights to Looney Tunes characters until the middle of the century might seem to make that an easy decision, but keeping Peanuts might help the new Six Flags differentiate its two parks in Southern California - Knott’s by keeping Camp Snoopy and Magic Mountain with its Looney Tunes land.”
They've spent millions to redo their Snoopy areas at Knott's and Kings Island this year and Carowinds next year so I'll put the odds of them letting the deal expire at nil.
I agree. Also, at least the Peanuts are still seen every year with their holiday specials, how do young kids get exposed to Looney Tunes these days? Don’t get me wrong, I love them too, but they seem to be a dead property as of late.
2022 Trips: WDW, Sea World San Diego & Orlando, CP, KI, BGW, Bay Beach, Canobie Lake, Universal Orlando
Touchdown:
how do young kids get exposed to Looney Tunes these days?
MeTV Toons just launched this week and features old Looney Tunes shorts among others (Scooby Doo, Smurfs, Popeye, etc). They also show them on Saturday mornings at 9:00 AM, Sunday evenings at 8:00 PM, and have a show on Monday through Friday at 7:00 AM called "Toon In With Me" that features cartoons, many of which are Looney Tunes.
Although, I'm not sure how many young kids are watching the MeTV Networks, considering their lineup consists of shows such as the original Hawaii Five-O, Police Woman, Remington Steele, Barnaby Jones and Mod Squad...
I'd imagine that part of the 200 million in annualized savings will come from consolidating IP. The rub is that they'd spend a fair amount of money de-theming items that were once Peanut or Warner Brothers related. I'm sure they have some bean counter evaluating the one-time cost to de-theme vs the annual costs of maintaining two licenses vs the leverage they have to get better terms now that they are bigger. Maybe they do a short-term extension on Peanuts until they are phased out.
I think thy will extend, they have spent way too much getting the CF parks all updated, and the theming more well done. The Looney Tunes theming is done so slap dash, I could see it go the other way, or they keep it since have it free.
Feds approved it today.
I also just realized they will now own animals again, although the past two years the work at Great Adventure looks good, not sure about Discovery Kingdom though.
Sell list
A- Six Flags America
A- Darien Lake
A- Michigans Adventure
A- Frontier City
B- LaRonde
B- Great Escape
B- SF SL
Waterparks?? Maybe??
Touchdown:
how do young kids get exposed to Looney Tunes these days?
You're thinking in the past. Shows no longer have to be aired on network TV to be popular.
My kids know all of the Looney Tunes characters because of YouTube and streaming services. They both loved classic Scooby Doo shows, Looney Tunes, Tiny Toons, etc. The younger generation knows nothing about tuning in to a channel at a specific time for something, unless they're in to sports.
Hi
My daughter is 25, and she grew up with a DVR* which contained all of her favorites. She was downright offended as a four year old at her grandmother's when she wanted to "start it from the beginning" when we turned on Sagwa The Chinese Siamese Cat in the middle of the half hour. She's never had a world in which "what time/what channel" mattered---again, except for sports.
That "except for sports" keeps coming up a lot in a lot of different contexts when it comes to linear TV, which is partly why The Walt Disney Company now reports "Sports" as a separate business unit.
---------
I think I paid around $700 for a ReplayTV in early 2001---I remember recording 9/11 coverage with it and watching it later. I replaced the hard drive myself for extra storage.
FUN,
That is my concern. Long term, I think dropping an IP may be cheaper. I think all else being equal, the Peanuts brand might be kept but I am not sure all is equal. Six Flags has a Warner contract as a legacy from Warner owning the parks. I could see the terms being favorable based on the timing.
That said, I don't know what effect the merger has on the contracts. Also, maybe they could negociate very favorable terms to keep Peanuts in the parks.
My personal best guess on an early plan is they renew the Peanuts license for existing parks but not legacy Six Flags parks. They phase out Peanuts in most parks, but might maintain a separate license where two parks are close or they want to differniate (Knotts being the biggest one).
MAX just released a brand new Loony Tunes show, if I recall correctly.
-Travis
www.youtube.com/TSVisits
To those of you lamenting CP ride ops, I have to throughly disagree with you after this trip. The Magnum crew was running 3 train ops and sending full trains out less then 5 seconds after ready was announced, I never heard ready ready even when transferring a wheelchair, Maverick crew was equally efficient (when it was running, its having issues,) and one other crew to shout out was Blue Streak which was barely stacking (a feat next to impossible on that ride in its current configuration.). The rest were working at proficienct levels you expect. I think some of you visit too much in shoulder season (I’m guilty of this too) forgetting that it takes time and practice to get to peak levels.
2022 Trips: WDW, Sea World San Diego & Orlando, CP, KI, BGW, Bay Beach, Canobie Lake, Universal Orlando
Maybe CF will bring up the quality of SF ride OPs? Or not…..
No, it’s rampant speculation, and without any justification provided.
It wouldn’t surprise me if they sold some parks to reduce debt. It would surprise me greatly if that was the list.
Fun:
I'm sure they have some bean counter evaluating the one-time cost to de-theme
Meet Six Flags’ new ambassador, Smoopy.
In Soviet Russia, Smoopy is the Red Baron.
edit-
(I came back and did the edit to add the Yakov photo and realized it's such a dated reference that adding the pic probably makes it even more confusing. This has to be hilarious if you have no idea what's going on.)
I'd call you old, but we're the same age. It's weird being the same age as old people.
Jeff - Editor - CoasterBuzz.com - My Blog
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