On Friday, June 30, the agreement was finalized for CBS Corporation to sell its Paramount Parks to Cedar Fair, L.P. for $1.24 billion. Having acquired five parks that Paramount/CBS owned, including Kings Island, Cedar Fair now owns twelve parks across North America, now including also, Canada's Wonderland, the Partnership's first property located outside the United States. This agreement gives full and immediate control and management of the five Paramount Parks to Cedar Fair.
It is however, unknown, what concrete and/or visual changes will take place, and when. For now, and most likely until the end of the regular operating season, the five parks will operate as normal under their Paramount moniker. Also, the current season pass programs will be maintained: meaning that Paramount passes will not be accepted at existing Cedar Fair parks, and vice versa. When 2007 passes go on sale, and/or the system of pass validity across the expanded Cedar Fair chain is not known, but it is likely that one season pass will grant its holder the option to access all three of Ohio's major parks (Kings Island, Geauga Lake, and Cedar Point).
Licensing for Nickelodeon for four years, and ten years of Paramount licensing, were included in the acquisition. It is expected that Nickelodeon Universe will be maintained here, but the name of the park will go back to simply Kings Island - even if Paramount ride names and theming was to remain.
Press Release and more Acquisition information
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