This may be a repeat of news from over a month ago, but it is back in the spotlight now that Viacom has split into two companies, CBS Corporation now wishes to sell the Paramount Parks by the end of the year. Several groups have expressed interest.
http://www.cbscorporation.com/news/prdetails.php?id=175
Scenarios, if the parks are indeed sold, as a whole:
- An investor group could buy, such as the Blackstone Group. The parks could retain the 'Paramount' name as well as their existing character and brand names, through licensing. This would probably be the smoothest transition, as changes could be more gradual.
- Another theme park chain could buy. Most likely is Cedar Fair, L.P., owner of Cedar Point and Geauga Lake parks, both also in Ohio. Though CEO Dick Kinzel has said that the company's growth has generally been more conservative, having only acquired one park every few years since the 1990s, don't be surprised if they buy, if the financial situation is right.
When CF acquired Geauga Lake from Six Flags in 2004, intellectual properties, such as Warner Brothers, Looney Tunes, and DC Comics, licensed to Six Flags parks like Worlds of Adventure were not transferred to the park's new owner. Cedar Fair had to quickly remove signage, theming, and characters from many rides, as well as the children's area. Starting in 2005, Cedar Fair expanded its license rights to Geauga Lake by placing Peanuts characters in the park
Therefore, would CBS and Viacom transfer the intellectual properties such as Nickelodeon, Paramount Pictures, and CBS television, to another chain like Cedar Fair? What about other licenses, like Hanna-Barbera?
- It is also possible that the parks could be split up and sold separately, or CBS could keep one or some, and sell the other(s).
Reaction to the possible sale has been mixed, as discussed on PKICentral.com, the leading unofficial website of Kings Island.
- Some welcome the change, as while they appreciate the success that Kings Island since the 'Paramount' was added in 1993, they feel that it has been more of a commerical for Paramount and Viacom, at the expense of quality and choice of additions and changes to the park. They believe the days before Paramount meant better quality, rides, and entertainment than as of late.
- Others fear the change. During the park's 34 years, 14 have been as Paramount's Kings Island, which has meant so many of the park's popular rides and attractions have been named/themed after Paramount films and other Viacom properties such as Nickelodeon. They are concerned that the marketability of these brands, will be lost in the sale.
When Kings Island was purchased by Paramount Communications in late 1992, many were concerned about popular attractions either being removed and/or being renamed. While several venues were renamed to enhance the Paramount name, and attractions such Wild Animal Habitat safari monorail, animal shows, and some live entertainment were removed not long after the change, much of the park retained its previous state, including International Street, Hanna-Barbera Land (until 2005), and the Beast, whose namesake was added to an even larger wooden coaster in 2000.
Also in question are future planned attractions (including, possibly, a large steel roller coaster) for 2007 and beyond. When ownership changed after the 1992 season, plans for the 1993 ride were slightly altered. The old group had planned an Arrow Suspended coaster for the Wild Animal Habitat section of the park, to be called either 'Swoop' or 'Thunder Road.' Paramount quickly changed the theming, and the name of the ride to 'Top Gun,' but the coaster's layout was not changed. Nickelodeon Universe, the revamp of old Hanna-Barbera Land and Nickelodeon Central, is still moving ahead for Spring 2006, and the park will continue to sell and accept 2006 season passes and tickets as planned.
Yes, 2006 at Kings Island will be interesting, so stay tuned!
