CBS Sells Theme Parks
May 22, 2006 at 11:42 AM (PT)
CBS CORP. jettisons its theme park business, selling PARAMOUNT PARKS to CEDAR FAIR LP for $1.24 billion. The long-anticipated deal follows CBS' announcement in JANUARY that the parks would be spun off to allow the company to concentrate on its core broadcasting business.
CEDAR FAIR owns CEDAR POINT in OHIO, KNOTTS BERRY FARM in BUENA PARK, CA, DORNEY PARK AND WILDWATER KINGDOM in PENNSYLVANIA's LEHIGH VALLEY, MINNESOTA's VALLEYFAIR, WORLDS OF FUN near KANSAS CITY, GEAUGA LAKE near CLEVELAND, and MICHIGAN'S ADVENTURE. THe parks being sold include GREAT AMERICA near SAN JOSE, KINGS ISLAND in OHIO, KINGS DOMINION in VIRGINIA, CAROWINDS near CHARLOTTE, and CANADA'S WONDERLAND in ONTARIO.