July 1, 2006
Sandusky, OH -- Cedar Fair announced yesterday that it has finalized the purchase of five Paramount Parks from CBS Corporation for approximately $1.24 billion. The end of this acquisition has Cedar Fair immediately assuming all operations and management of the new theme parks.
"The completion of this acquisition is great news," said Dick Kinzel, Cedar Fair's chairman, president and chief executive officer. "The five Paramount properties are well-run, top-tier parks in good locations with the potential to do even better."
The five Paramount Parks Cedar Fair has purchased are Canada's Wonderland near Toronto; Kings Island near Cincinnati, Ohio; Kings Dominion near Richmod, Virginia, Carowinds near Charlotte, North Carolina and Great America in Santa Clara, California.
"The acquisition brings us access to new markets with attractive demographics, such as northern California, the Carolinas, Virginia / District of Columbia and Toronto," added Kinzel.
With the newly added parks Cedar Fair now has four properties that each produce an annual attendance of more than three million visitors. The combined operations of Cedar Fairs existing properties, along with the new parks brings the total to 12 amusement parks, five outdoor water parks, one indoor water park resort and six hotels.
According to Kinzel, Cedar Fair will now entertain approximately 32 million guests each year.
"Cedar Fair's employees as well as many employees from the Paramount Parks have a long history and strong reputation within the industry," said Kinzel. "They have demonstrated their ability to drive solid returns on investments and are ready and anxious to begin integrating these five great family-oriented parks with our current properties."
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