As you know, Dick Kinzel went on the NBC game show "Deal or No Deal" with Howie Mandel, and chose to take the banker's offer of $1,240,000,000 ($1.24 billion) for Paramount Parks. The Banker also threw in Nickelodeon licensing.
Seriously, here's some details from today's conference call:
- $1.24 billion price
- Cedar Fair, L.P. will own 12 properties
- Canada's Wonderland will be Cedar Fair's first investment outside of the United States.
- 25 million guests for the chain
- More diversification; no park will contribute more than 22% of revenue
- Nickelodeon licensing agreement, 4-year DEAL! (SHUT UP HOWIE!)
- Paramount movie licensing up to 10 years - Cedar Fair is looking at whether to keep or dump theming
- Cross-marketing possible
- No changes in operating schedules for Paramount Parks
- Cross-incorporate ideas between all the parks
- Maintain distribution policy
- No plan to divest any Cedar Fair or Paramount Parks properties
- 2007 capital investments and additions already in place, Cedar Fair will honor Paramount commitments, though no attractions over $20 million will be added
- Winterfest concept to be looked at, future to later be determined
- Cedar Fair will not expand/acquire any more properties for 3-4 years.
- Management of parks will be addressed
- Star Trek: The Experience at Las Vegas Hilton is included in the deal
- CBS will keep stock in Great Wolf Lodge
- Capital spending divided between two companies can be spent in a better way
- Will keep up Paramount's great safety record
- Deal was awarded late last night (Sunday) and voted on by CBS Monday morning.
- There was a number of interested bidders.
- Job cuts to be looked at after closing of deal, especially in corporate level
- No immediate effect on Geauga Lake
- No changes visible to public this season.
Sources: PointBuzz, PKI Central
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