Cedar Fair to acquire Paramount Parks

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.

Monday, May 22, 2006 10:01 AM
I'm looking forward to finally getting a B&M at Kings Island. This is honestly the best case scenario if an established chain bought the parks since it sounds like Six Flags is holding off on crazy investments for individual parks following this year as far as thrills go (which a lot of the PP need more of- at least in capacity situations), it's better for more constant additions overall compared to Universal, Disney, Busch, etc., it's on par with all of the others as far as what kind of service they should be bringing to the table, but my only concern is still charm and atmosphere.. which you know, the first thing Cedar Fair does when they purchase a park is to remove that by the truckloads. ;)

After all the thought processes, I'm pleased. Their attendance figures seem to be a little annoyingly off from 2005 or 2004 for that matter, but they didn't say what year they were referencing.

PD
*** This post was edited by +Danny 5/22/2006 10:03:46 AM ***

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Monday, May 22, 2006 10:05 AM
eightdotthree's avatar The Paramount parks always seemed like an alternative to the Cedar Fair parks. I hope they remain that way and aren't merged into Cedar Fair's style. If that makes any sense at all...
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Monday, May 22, 2006 10:07 AM
They are only an alternative for people who visit more than one park per year. I'm guessing that most people don't.
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Monday, May 22, 2006 10:08 AM
Well, I have to hand it to Mr. Kinzel. The moves he has made over the past 10 years have really come to fruition. This is huge news, though not unexpected :-). I am very excited for my friends with Cedar Fair who now have many doors of opportunity opened for them.

Zoiks!

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Monday, May 22, 2006 10:09 AM
Holy crap, that happened quickly. Finally, we can go back to saying KI instead of PKI!!
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Monday, May 22, 2006 10:09 AM
When CF acquired GL, all the full-timers had to interview for their positions. If the same thing will happen this time around, I doubt if there's much celebrating in Charlotte. Then again, this might be an opportunity for CF to relocate their headquarters to a nicer climate.

When the season started, Paramount Park seasonals weren't allowed to wear their name tags with the Paramount name and logo on them. Late last week the policy was reversed. Huh.

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Monday, May 22, 2006 10:10 AM
Well one thing's a given. The parks will get LOTS of new trash cans. ;-)

Shaggy

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Monday, May 22, 2006 10:13 AM
Everyone I know from Columbus goes to both Cedar Point and Kings Island and about an even amount prefer each. It's important for all the cities that are right between major parks as far as competition goes and they both do pretty well for themselves in who they attract. If that wasn't a factor, they wouldn't need to say they have the best rides or are the best at this or whatever. They could just say, we're an amusement park and you live within driving distance, and everyone's going to laugh at you if you don't visit one this summer. Kthx-keepmakingbabiestobuyourseasonpasseswhentheygrowup-bye!

+Danny

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Monday, May 22, 2006 10:26 AM
So Cedar Fair parks are now "cheaper by the dozen" 'eh? ;)
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Monday, May 22, 2006 10:27 AM
WOW so when do you think they will loose the paramount name if they do? they wouldn't do it mid season, would they?
*** This post was edited by fearless ben 5/22/2006 10:28:21 AM ***
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Monday, May 22, 2006 10:28 AM
I think it can be safely assumed that the Paramount licensing is going to stick around. If it does, what do you think the odds of seeing some of that licensing popping up at the other parks?
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Monday, May 22, 2006 10:34 AM
Olsor's avatar Ho-ly crap. Out of all the things going through my mind right now, I'm wondering how Kings Island is going to be managed. How much of Kings Island's development was done in competition with Cedar Point? And will Kings Dominion become Cedar Fair's focus in order to compete with Busch Gardens?
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Monday, May 22, 2006 10:35 AM
Danny: Columbus is about the only market for which there is any overlap. And, it probably is less than 20% of the market for either park. The other four don't have a CF park anywhere in the vicinity.

ETA: well, PKD has Dorney, but those are still pretty far apart, with no major city midway between them.*** This post was edited by Brian Noble 5/22/2006 10:36:30 AM ***

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Monday, May 22, 2006 10:36 AM
More Halloween Haunts! Yessssssssssssssss!
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Monday, May 22, 2006 10:37 AM
Wow...Just wow. Cautiously watching to see what my FUN stock is doing now.
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Monday, May 22, 2006 10:44 AM
i'm with ThemeDesigner; for selfish reasons, id love to see Kings Dominion return to its 80s pre-Paramount glory, lol. ive seen what CF did with Geauga Lake, and it was nothing short of a miracle. i say drop the damn Paramount name now, ive hated it since day one, haha:)
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Monday, May 22, 2006 10:44 AM
No offense to Snoopy, but I would rather see SpongeBob dominate all CF than Snoopy across the Country.
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Monday, May 22, 2006 10:45 AM
You're just a bitter PKDer, Tim. ;)
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Monday, May 22, 2006 10:45 AM
Brian: Good point, I think I forgot what we were talking about and went "general competition". ;)

dP

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Monday, May 22, 2006 10:46 AM
Gemini's avatar I don't know about the other parks, but Snoopy has worked very well for Cedar Point.
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