Posted Monday, May 22, 2006 9:18 AM | Contributed by Jeff
Cedar Fair, L.P. 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 for a cash purchase price of $1.24 billion.
Read the press release from Cedar Fair.
Does the fact that it was a "cash purchase" mean that it was purchased with cash on-hand or was this the reason that they got a credit increase?
Should make for some interesting times.
When will my CP pass work at PKI?
When will my PKI pass work at CP?
If any cross-pass honoring happens this season I now have double the pass. Does that mean double the fun?
PS- I agree with the Robinator on this one. *This* is The Kinzel's legacy. Great job, Mr. Kinzel!
Cedar Fair was advised by Bear, Stearns & Co. Inc. and Rothschild, Inc., and Bear Stearns is providing $2.0 billion in committed financing in support of the transaction. Squire, Sanders & Dempsey provided legal counsel to Cedar Fair.
Right in the middle of the article, Skip and MD(John).
Also the article states that the deal will close during the third quarter (June-September) so it is safe to say your CF pass will not work at Paramount, nor vice-versa.
*** This post was edited by redman822 5/22/2006 9:45:12 AM ***
Also, while none of it is final, at least some of the licensing agreements will be in place for the foreseeable future, since they were just established when CBS split off of Viacom. Spongebob will be around for awhile.
The mystery is, when Cedar Point and King's Island stop being competitors and start being sisters will the competition that has driven innovation at both parks dry up?
As far as re-themeing at the Paramount Parks goes, I don't expect to see much. I'm sure Cedar Fairs deal included license to maintain current signage. Paramount never really made movie themed attraction like Universal does. Maybe they thought they would but it was more like, uh, we're getting a suspended coaster what can we call it? How about Top Gun? Yeah, we can make people listen to 'Danger Zone' the whole time they're in the queue. That's some powerful theaming. Well done, Sheldon.
1)Will they retain ANY of the paramount/nick licensing? I would assume at the very least they would figure a way to extend the Scooby Doo license, as they have 4 of those rides and it's hard to imagine taking the characters out of them (though not impossible)
2)Will PKD return to its former glory as a well run, clean park?
3)Will they sell off Great America for the land? Probably not, as if they were in the business of selling parks for land they would've done that to Knott's.
4)Will Beast and SOB run even worse?
5)How will CF 'corporate' handle running so many new parks? I would assume they're going to have a keep a good portion of Paramount's management, as they couldn't possibly have enough seaosned, qualified fols internally to do the whole job. And if they're smart, they'll be careful about promoting internal folks without experience above Paramount folks with experience.
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