Paramounts Parks for sale?

[FRD714]

I just heard that Paramounts is putting its parks up for sale. Anyone else hear this?

Ill try to find an article on it.

[Sireze]

wow! I didn't hear that.

[FRD714]

Heres what I found.........

Paramount Parks - (12/14/05) Viacom, the owner of Paramount Parks, has been making headlines for the past week with the purchase of Dreamworks. Now the other shoe has dropped and the Hollywood Reporter claims that they are now ready to sell off the Paramount Parks chain. Sumner Redstone was quoted, “If someone offered us enough money, we would probably sell.”

The CBS Corporation announced today it intends to divest its Paramount Parks division. The Company indicated that numerous parties have already expressed interest in acquiring the operation, and CBS Corporation expects to complete the divestiture in the second half of 2006.

Paramount Parks -- which had more than 12 million visitors in 2005 -- will remain in full operation throughout the divestiture process as it embarks on what's expected to be another successful year.

Paramount Parks is a leading developer and operator of world-class theme parks and location-based attractions, entertaining more than 12 million guests annually. The division currently owns and operates five of the most popular theme parks in North America, including Paramount Canada's Wonderland (Toronto, Ontario); Paramount's Carowinds (Charlotte, N.C.); Paramount's Great America (Santa Clara, Calif.); Paramount's Kings Dominion (Richmond, Va.); and Paramount's Kings Island (Cincinnati, Ohio). The division also developed and manages the award-winning STAR TREK: The Experience at the Las Vegas Hilton (Las Vegas, Nev.) and manages Bonfante Gardens horticultural theme park (Gilroy, Calif.) and CBS Television City at the MGM Grand Hotel & Casino (Las Vegas, Nev.).

[greatamerica2003]

Been around for some time. Bad move in my opinion. It creates great synergy with the movie and TV business to keep the parks.

But if they were sold, I would expect them to remain Paramount Parks, and retain all liscensing deals like Six Flags does with Time Warner.

[Trailblazer Tony]

http://www.thrillnetwork.com has some details about the idea. It isn't confirmed yet though.

[FRD714]

Now I hear that Cedar Fair wants to buy Kings Island.

[Shockwavegirl]

Cedar Fair bought all the Paramount Parks.

[zjohn1988]

Judging that the last post b4 yours was in january, i think they all know by now