BoddaH1994 Posted May 22, 2006 Share Posted May 22, 2006 From Yahoo News: Press Release Source: Cedar Fair, L.P. Cedar Fair, L.P. to Acquire Paramount Parks Monday May 22, 8:58 am ET - One of the largest regional amusement park operators in the world - Combined annual revenues to approach $1 billion - Combined annual park attendance to approach 25 million visitors SANDUSKY, Ohio, May 22 /PRNewswire-FirstCall/ -- Cedar Fair, L.P . (NYSE: FUN - News), a publicly traded partnership which owns and operates seven amusement parks and five water parks, today announced that it has signed a definitive agreement for the acquisition of the Paramount Parks. Cedar Fair, L.P. will acquire the stock of Paramount Parks, Inc., a wholly owned subsidiary of CBS Corporation (NYSE: CBS - News; NYSE: CBSA - News) for a cash purchase price of $1.24 billion. The five Paramount Parks consist of Canada's Wonderland near Toronto, Canada; King's Island near Cincinnati, Ohio; King's Dominion near Richmond, Virginia; Carowinds near Charlotte, North Carolina; and Great America located in Santa Clara, California. "This transaction offers a unique opportunity for us to acquire a world- class asset portfolio," said Dick Kinzel, Cedar Fair's chairman, president and chief executive officer. "It is not every day that we have the chance to purchase five great family-oriented parks that fit extremely well with our existing parks. This acquisition will provide exciting new growth opportunities and the potential for meaningful incremental free cash flow as we realize $20-$30 million in annual cash flow synergies over the next 3-5 years. It will also add significant geographic diversity to our portfolio of parks and improve our position as one of the largest regional amusement park operators in the world." In 2005, the Paramount Parks generated revenues of approximately $423 million while entertaining 12.2 million guests. Cedar Fair reported $569 million in revenues and 12.7 million guest visits. On a combined basis, the two companies generated almost $1 billion in revenues and entertained approximately 25 million guests in 2005. The transaction is subject to conditions, including regulatory approval and other terms and conditions customary for transactions of this type, and is expected to close during the third quarter. Further details were not disclosed. Cedar Fair was advised by Bear, Stearns & Co. Inc. and Rothschild, Inc., and Bear Stearns is providing $2.0 billion in committed financing in support of the transaction. Squire, Sanders & Dempsey LLP provided legal counsel to Cedar Fair. Cedar Fair's seven amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott's Berry Farm near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Valleyfair near Minneapolis/St. Paul, Minnesota; Worlds of Fun, located in Kansas City, Missouri; Geauga Lake & Wildwater Kingdom near Cleveland, Ohio; and Michigan's Adventure near Muskegon, Michigan. The Partnership's water parks are located near San Diego and in Palm Springs, California, and adjacent to Cedar Point, Knott's Berry Farm and Worlds of Fun. Cedar Fair also owns and operates the Castaway Bay Indoor Waterpark Resort in Sandusky, Ohio. Cedar Fair's flagship park, Cedar Point, has been voted the "Best Amusement Park in the World" for eight consecutive years in a prestigious annual poll conducted by Amusement Today newspaper. Mr. Kinzel will host two conference calls and webcasts to discuss the acquisition. The first call will be to answer investor and analyst questions and is to be held at 11:00 a.m. Eastern Time on Monday, May 22, 2006. The second call to answer questions from the media as well as follow up on any additional questions from the investment community will be held at 1:00 p.m. Eastern Time. These calls can be accessed at 1-800-231-5571. The live conference call and presentation slides may be accessed in "listen only" mode via the Cedar Fair web site (http://www.cedarfair.com). Both conference calls will be made available for replay starting at approximately 4:00 p.m. ET, Monday, May 22, 2006, until 11:59 p.m. ET, Monday, June 5, 2006. In order to access the replay of the conference call, please dial 1-877-519-4471 followed by the access code 7426624 for the investor call and access code 7426623 for the media call. Editors: B-roll of Cedar Fair's flagship amusement park, Cedar Point, is available for download via satellite: Date: May 22, 2006. Time: 10:00 to 10:15 EDT. Satellite: AMC 2. Transponder: 1. Audio: 6.2 MHz. 6.8 MHz. Down Link: 11720 Vertical Down. Trouble #: (440) 838-5377 Ext 254. Technical Contact: Jerry Patton, Classic Worldwide Productions, 5001 East Royalton Road, Cleveland, OH 44147. Phone: (440) 838-5377. Fax: (440) 838-1240. Some of the statements contained in this news release constitute forward- looking statements. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Partnership believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, competition for consumer leisure time and spending, adverse weather conditions, unanticipated construction delays and other factors could affect attendance at our parks and cause actual results to differ materially from the Partnership's expectations. In addition, risks and uncertainties concerning the acquisition include, but are not limited to, regulatory approval, the timely receipt of financing and the fulfillment of other specified closing conditions. PARK FACTS Cedar Fair, L.P. Paramount Parks Cedar Point & Soak City Kings Island - Sandusky, Ohio - Cincinnati, Ohio - Founded 1870 - Founded 1972 - 3.5 million visitors - 3.1 million visitors (includes water park) - more than 55 rides and - more than 65 rides and attractions attractions - 453 acres - 365 acres Knott's Berry Farm Canada's Wonderland - Buena Park, California - Toronto, Ontario - Founded 1920, Acquired 1997 - Founded 1981 - 3.6 million visitors - 3.3 million visitors - 755,000 visitors at three - more than 70 rides and California Soak City water parks attractions - more than 40 rides and attractions - 295 acres - 160 acres Dorney Park & Wildwater Kingdom Kings Dominion - Allentown, Pennsylvania - Richmond, Virginia - Founded 1884, Acquired 1992 - Founded 1975 - 1.5 million visitors - 2.1 million visitors - more than 75 rides and - more than 55 rides and attractions attractions - 200 acres - 264 acres Valleyfair Carowinds - Shakopee, Minnesota - Charlotte, North Carolina - Founded 1976, Acquired 1978 - Founded 1973 - 986,000 visitors - 1.9 million visitors - more than 40 rides and attractions - 45 rides and attractions - 160 acres - 246 acres Worlds of Fun & Oceans of Fun Great America - Kansas City, Missouri - Santa Clara, California - Founded 1973, Acquired 1995 - Founded 1976 - 1.1 million visitors - 1.8 million visitors - more than 40 rides and - more than 50 rides and attractions attractions - 350 acres - 180 acres (leased) Geauga Lake & Wildwater Kingdom - Cleveland, Ohio - Founded 1888, Acquired 2004 - 700,000 visitors - more than 50 rides and attractions - 670 acres Michigan's Adventure - Muskegon, Michigan - Founded 1988, Acquired 2001 - 550,000 visitors - more than 50 rides and attractions - 235 acres This press release and prior press releases are available online at http://www.cedarfair.com. ----------------------------------- Source: Cedar Fair, L.P. Regards, Ryan PKICentral.com - You know that last comment about not giving a darn about how they do it on America's Roller Coast? I was just kidding Mr. Kinzel. Quote Link to comment Share on other sites More sharing options...
flightoffear1996 Posted May 22, 2006 Share Posted May 22, 2006 ^All ready sucking up? Quote Link to comment Share on other sites More sharing options...
PKIVortex Posted May 22, 2006 Share Posted May 22, 2006 Wow. That's all I can say is Wow. Quote Link to comment Share on other sites More sharing options...
flightoffear1996 Posted May 22, 2006 Share Posted May 22, 2006 I wonder when the website will change over. Quote Link to comment Share on other sites More sharing options...
Oldiesmann Posted May 22, 2006 Share Posted May 22, 2006 I didn't expect them to buy all five parks, but I am excited to see what the company will do with them, even though we probably won't see any changes until next season. Quote Link to comment Share on other sites More sharing options...
TheKlockster Posted May 22, 2006 Share Posted May 22, 2006 America's Rockin Roller Coast now owns that one park near Cincinnati! Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted May 22, 2006 Share Posted May 22, 2006 America's Rockin Roller Coast now owns that one park near Cincinnati! Not yet. It could still fall through, but that is unlikely. Quote Link to comment Share on other sites More sharing options...
TheKlockster Posted May 22, 2006 Share Posted May 22, 2006 Yeah it said the agreement is still pending. I am wondering if anyone is going to throw a red flag about them owning all three major parks in Ohio. Quote Link to comment Share on other sites More sharing options...
Reclaimer Posted May 22, 2006 Share Posted May 22, 2006 Here's some notes from the conf. call: ----------- Cedar Fair, L.P. hosted a conference call to answer questions regarding their acquisition of the Paramount Parks. Here are some highlights: - Deal will provide more diversification. No park will contribute more than 22% of revenue. - Will include Nickelodeon licensing agreement, currently a 4 year deal. There is an opportunity it to extend to other parks for an additional cost. - The company expects to maintain the distribution policy. - There are no plans to divest any of the properties. - Management of parks is something that will be addressed. - Movie tie-in agreements are still being reviewed. - Star Trek: The Experience is included in the deal. - Capital spending divided between the two companies can be spent in a better way. - There was a number of interested bidders. - There will be no changes that the public will see this season. --------------- (source:http://www.pointbuzz.com/news.htm?id=915) Quote Link to comment Share on other sites More sharing options...
RollerNut Posted May 22, 2006 Share Posted May 22, 2006 I guess this means we will remain Paramount's Carowinds, Paramount's Kings Island until 2007. I wonder when Paramount Parks Employees will start seeing changes. Quote Link to comment Share on other sites More sharing options...
TheKlockster Posted May 22, 2006 Share Posted May 22, 2006 Probably January 2007. Quote Link to comment Share on other sites More sharing options...
RailRider Posted May 22, 2006 Share Posted May 22, 2006 This is a Great Day Cannot Wait To Buy My Seasson Pass Next Year Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted May 22, 2006 Share Posted May 22, 2006 Perhaps. You might be surprised at what they cost. And I doubt free parking for passholders survives. Then again, Dorney offers it... Quote Link to comment Share on other sites More sharing options...
TheKlockster Posted May 22, 2006 Share Posted May 22, 2006 You can always purchase parking passes though... Quote Link to comment Share on other sites More sharing options...
Captain Nemo Posted May 22, 2006 Share Posted May 22, 2006 Cedar Fair now has if you really take it all in, a monopoly in Ohio. Big changes are to come our way. This year is about to get interesting. Quote Link to comment Share on other sites More sharing options...
TheKlockster Posted May 22, 2006 Share Posted May 22, 2006 This year isn't going to change at all. We will start to see changes next year. And that is from the conference call... Quote Link to comment Share on other sites More sharing options...
WooferBearATL Posted May 22, 2006 Share Posted May 22, 2006 My guess is that you'll see some changes as soon as ownership changes hands. Granted, next season will see the biggest changes but I'm certain that CF would want to put their footprint on the parks in a very public way. Quote Link to comment Share on other sites More sharing options...
VortexQueen Posted May 22, 2006 Share Posted May 22, 2006 Soak City Kings Island.. please dont tell me this is what they are naming the dear sweet PKI.. dropped on the floor when i saw this. im starting to hate CP more and more every day -.- Quote Link to comment Share on other sites More sharing options...
Beast Freak Posted May 22, 2006 Share Posted May 22, 2006 I now live in California and if you have the way that they have runed knotts into the ground its pretty sad. That park was once a true family park and is basicly almost like the oc version of sfmm which is not good so lets hope that does not happen to Kings Island because I bet we will all be pretty mad if the park goes in to a more unkept state. So just to let you guys know I lived in Ohio for almost my entire life and it will be sad to see what will happe to my favoret park of all time. Quote Link to comment Share on other sites More sharing options...
Skippy Posted May 22, 2006 Share Posted May 22, 2006 So they finally announced it Sorry guys, but when I said I was going to see if it was true, Cedar Fair already having bought Paramount Parks, I didn't expect a confirmation! So I couldn't get back to you on that, but I guess it pays to have friends in high places. We're all part of the same Cedar Fair family now so I expect alot of visits from guys this season at Geauga Lake & Wildwater Kingdom BTW, from what I've been told, Cedar Fair has put a GREAT DEAL of thought into this to make sure not to repeat Six Flags, and in no way expects to ignore any of parks. So prepare for stricter managment, semi-better guest service, and a safer enviornment. Former Paramount Parks employees, WELCOME!!! Quote Link to comment Share on other sites More sharing options...
Snake Attack! Posted May 22, 2006 Share Posted May 22, 2006 Two things: First I find it a little suprising that PKI does not show the sale on their website Second will our metal detectors stay b/c i know that cp doesn't have them, it would save them some money though Quote Link to comment Share on other sites More sharing options...
kong fu guy Posted May 22, 2006 Share Posted May 22, 2006 better not call it Soak City king island, what are they gona do with all the theme rides!! Quote Link to comment Share on other sites More sharing options...
VortexQueen Posted May 22, 2006 Share Posted May 22, 2006 Two things: First I find it a little suprising that PKI does not show the sale on their website Second will our metal detectors stay b/c i know that cp doesn't have them, it would save them some money though I think they are keeping them because an article i read (i think it was the yahoo one) said they are keeping the safety measures.. i think CF isnt safe? i dont know.. but i think a SMART owner would keep them.. lord knows how many nut jobs are out there these days.. ecspecially Cincinnati(no pun intended if your not a nut job ) Quote Link to comment Share on other sites More sharing options...
vortexdemon05 Posted May 22, 2006 Share Posted May 22, 2006 i got a ? now that CF owns PKI do people that work at PKI now get in to CP like we would any other paramount park now that we are employeed by them or will it more likely to happen next year? Quote Link to comment Share on other sites More sharing options...
Skippy Posted May 22, 2006 Share Posted May 22, 2006 ^Good question, I'll be sure to find out I know I currently get into all Cedar Fair parks for free, excluding Castaway Bay, and that includes free parking. Quote Link to comment Share on other sites More sharing options...
PkiJake13 Posted May 22, 2006 Share Posted May 22, 2006 This sucks, will porbably have to pay and extra 100 dollars a pass to get to goto Cedar Point. -Jake Quote Link to comment Share on other sites More sharing options...
Gordon Bombay Posted May 22, 2006 Share Posted May 22, 2006 So they finally announced it Sorry guys, but when I said I was going to see if it was true, Cedar Fair already having bought Paramount Parks, I didn't expect a confirmation! So I couldn't get back to you on that, but I guess it pays to have friends in high places. Yeah I was gonna post my video interview that I had with Kinzel for the upcoming admiral/rex documentary when we did lunch last weekend when he revelaed everything to me cause were old ocllege buds but I didnt have time to yet or to post on another screen name. darn skippy, we were too late. Quote Link to comment Share on other sites More sharing options...
VortexQueen Posted May 22, 2006 Share Posted May 22, 2006 Channel 5 just talked about it.. Dennis Begal (sp, i know) just said that with the combonation of CP and PKI ohio Must be the rollercoaster capital of the world now. Quote Link to comment Share on other sites More sharing options...
TOPGUN1993 Posted May 22, 2006 Share Posted May 22, 2006 lol nice chris Quote Link to comment Share on other sites More sharing options...
Coaster Goddess Posted May 22, 2006 Share Posted May 22, 2006 Coaster Capital of the World. Yup, pretty much sums it up. Does anyone know how many coasters there are in the state of Ohio? Quote Link to comment Share on other sites More sharing options...
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