Paramount Parks
More actions
| Status | Defunct |
| Headquarters |  |
| Founded | 1992 |
| Operated | 1993 to 2006 |
| Successor | Cedar Fair |
| Key people | Al Weber Jr. (CEO) |
| Website | http://www.paramountparks.com/ (archived via Wayback Machine) |
| Amusement parks | 6 |
Paramount Parks was an entertainment company that owned and operated amusement parks. The company was based in Charlotte, North Carolina at their Paramount's Carowinds park. Until 2006, Paramount Parks owned and operated six theme parks: Five in the United States, and one in Canada.
History
Paramount Parks originated when Paramount Communications Inc. agreed to buy four theme parks and a 20 percent stake in a fifth from Kings Entertainment Company on July 25, 1992 for $400 million. The deal which included buying Kings Entertainment Company itself with Kings Dominion, Carowinds, Great America and the stake in Canada's Wonderland closed in August, while the agreement to acquire Kings Island from American Financial Corporation closed in October.[1]
In June 2005, Viacom announced that it would split into two businesses, with the film and cable TV side, including Paramount Pictures, retaining the Viacom name while everything else, including Paramount Parks, would become CBS Corporation.[2] The deal became effective on December 31. On January 27, 2006, CBS Corporation announced that it would sell off Paramount Parks, proclaiming that the business did not fit its core content-oriented strategies.[3][4]
On May 22, 2006, Cedar Fair reached a agreement with CBS Corporation to acquire the entire Paramount Parks chain and company for $1.24 billion, with the deal closing on June 30. The acquisition also gave Cedar Fair a 10 year licensing agreement on Paramount intellectual property, along with a seperate 4 year licensing agreement for Nickelodeon intellectual property.[5][6][7]
Former amusement parks
References
- ↑ "Paramount to buy 4 theme parks for $400 million". UPI.
- ↑ https://www.nytimes.com/2006/01/02/business/media/viacom-completes-split-into-2-companies.html
- ↑ https://www.marketwatch.com/story/cbs-plans-sale-of-paramount-theme-park-business
- ↑ https://money.cnn.com/2006/01/27/news/companies/cbs_themeparks/
- ↑ "Meeting with potential lenders re: acquisition of Paramount Parks from CBS". Sec.gov.
- ↑ "Cedar Fair To Buy Paramount Parks For $1.24 Billion". Ultimate Rollercoaster.
- ↑ "Cedar Fair Completes Purchase of Paramount Parks". Ultimate Rollercoaster.