It's Official: Cedar Fair acquires Paramount Parks!

In case you missed it:


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

DEVELOPING: Cedar Fair, L.P. to acquire Paramount Parks, including Kings Island!

"See, I told you so!"

As early as April Fool's Day, 2005, I made an joke on my website that Paramount's Kings Island was sold to Cedar Fair, L.P., the owner of Ohio's two other major parks, Cedar Point and Geauga Lake. Within next day, the fake announcement was pulled.

Then, later fall 2005, Viacom Corp. announced it wanted to divest Paramount Parks, and several players, including Cedar Fair, were mentioned as possible buyers, but that talk faded for a bit, as Viacom split into two companies: Viacom Corporation, including MTV, Nickelodeon, and Paramount Pictures. And CBS Corporation, including CBS and Paramount Parks.

Then, of course, this preseason, 2006, CBS Corp. itself announced its intention to sell the Parks, and once again, the Partnership out of Sandusky (where Cedar Point is) looked like to be one of the interested parties. But would one of other park (or non-park) companies be interested?

- Six Flags: New CEO Mark Shapiro announced they are not interested, after some hard times, including the closure of AstroWorld in Houston and the sale of its land, as well as some other properties.
- Anheuser-Busch: They might be a good fit for the Parks, but when did they last open or acquire a large theme park? Remember when they sold their Ohio SeaWorld to Six Flags?...
- Universal: Again, they would be most likely to continue the Hollywood concept, but I remember hearing stuff they wanted out of the park business. Paramount invested into the Parks, but very lightly compared to Universal has to its parks...
- Some investment group: What are they in it for? Viacom and CBS were in it more for the growth, return on investment, etc. Would this mean more of the same as Paramount (good or bad)?

Then, Friday Morning (May 19), I read that at the end of a stockholder's meeting, Cedar Fair CEO Dick Kinzel announces that they are interested in buying Kings Island. Just Kings Island itself, or any or all of the other Paramount Parks? That got things moving.

And now, it becomes reality: this morning, it is announced that Cedar Fair indeed has agreed to purchase Paramount Parks from CBS Corp, for $1.24 billion.

Questions and assumptions:

It is mentioned somewhere by Kinzel that this includes the rights to Nickelodeon characters - important, as Kings Island's new attraction this is the impressive Nickelodeon Universe children's area.

Not sure about the Paramount themes, but I'm assuming they're going away, and the park's name will simply become Kings Island. Same for Carowinds, Kings Dominion (2004 visitor here), Great America (Santa Clara, CA), and Canada's Wonderland.

What about Bonfante Gardens, which Paramount Parks currently manages, as well as Star Trek: The Experience at Las Vegas Hilton, and CBS Television City at MGM Grand in Las Vegas?

Rides/attractions planned for 2007 at Kings Island and other Paramount Parks? May Cedar Fair throw something in for next year, or hold off for something BIG in 2008. As you know, Kings Island is probably the biggest seasonal park around lacking a B&M (or Intamin) steel coaster and my bet is Cedar Fair will finally deliver.

Season Passes: My guess is through the end of the season, Season Passes purchased at a Paramount Park can only be used at Kings Island, Kings Dominion, Carowinds, Great America CA, and Canada's Wonderland. And for 2006, passes purchased through a Cedar Fair park will not be vaild at any of the current Paramount Parks. The deal is not exactly final and in stone, for one, and two, Paramount and Cedar Fair have different season pass and admission systems.
In 2007, can one use the same season pass to gain access to both Kings Island and Cedar Point?

What I can safely assume is that this summer will be interesting, and how a transition will take place!