ANOTHER SURGERY. NEW ON WLWT, TWO OF THE COUNTRY’S BIGGEST AMUSEMENT PARK OWNERS MAY BE ON THE VERGE OF A LITTLE MERGER. SO IN A DEAL HERE WOULD INVOLVE, OF COURSE, KINGS ISLAND UP IN MASON, THE PARK’S OWNER, CEDAR FAIR ENTERTAINMENT, IS REPORTEDLY IN TALKS NOW WITH SIX FLAGS. THAT’S ACCORDING TO THE WALL STREET JOURNAL TONIGHT AND SEVERAL OTHER OUTLETS AS WELL. THEY SAY THAT AN ANNOUNCEMENT COULD COME HERE EARLY, AS EARLY AS NEXT WEEK OR EXCUSE ME, AS EARLY AS THIS WEEK. CEDAR FAIR OWNS KINGS ISLAND AND CEDAR POINT HERE IN OHIO, PLUS 13 OTHER PARKS, SIX FLAGS OPERATES 27
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Cedar Fair Entertainment, Six Flags announce merger
Updated: 7:36 AM EDT Nov 2, 2023
Cedar Fair Entertainment, the owner of several amusement parks, including Kings Island, and Six Flags have agreed to a merger.CNBC cites “a slowdown in consumer spending,” as a reason for the two companies merging.In a press release, Cedar Fair says the merger was unanimously approved by the Boards of Directors of both companies, with Cedar Fair shareholders owning 51.2% of the new company.“Our merger with Six Flags will bring together two of North America’s iconic amusement park companies to establish a highly diversified footprint and a more robust operating model to enhance park offerings and performance,” said Richard Zimmerman, President and Chief Executive Officer of Cedar Fair, in a press release. “Together, we will have an expanded and complementary portfolio of attractive assets and intellectual property to deliver engaging entertainment experiences for guests. The combination also creates an enhanced financial profile with strong cash flow generation to accelerate investments in our parks to delight our guests, driving increased levels of demand and in-park value and spending. I have great respect for the Six Flags team and look forward to joining forces as we embark on this next chapter together.”The merged company will oversee 27 amusement parks, 15 water parks and nine resort properties in North America.Cedar Fair says the merger is expected to close in the first half of 2024.The combined company will operate under the name “Six Flags,” and will be traded under the ticker symbol “FUN” on the New York Stock Exchange. The combined company will be headquartered in Charlotte, North Carolina, but “will maintain a significant finance and administrative” operation in Sandusky, Ohio. The merger was initially reported by Reuters, with The Wall Street Journal saying a deal could be final this week.According to Reuters’ report, Cedar Fair has a market value of $1.8 billion, while Six Flags is at $1.7 billion, per Reuters. Cedar Fair’s 15 amusement and water parks from coast to coast include Cedar Point and Kings Island in Ohio, Knott’s Berry Farm near Los Angeles, Canada’s Wonderland outside Toronto, and Carowinds near Charlotte, North Carolina. It also has several hotels and campgrounds at its parks.Six Flags operates 27 parks across the United States, Mexico and Canada. Last year, Seaworld Entertainment’s offer to take over Cedar Fair Entertainment was been rejected. “Unfortunately, we do not see a path to a transaction,” the company said. SeaWorld, based in Orlando, operates a dozen SeaWorld, Busch Gardens and Sesame Place parks, primarily in the southern U.S.
Cedar Fair Entertainment, the owner of several amusement parks, including Kings Island, and Six Flags have agreed to a merger.
CNBC cites “a slowdown in consumer spending,” as a reason for the two companies merging.
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In a press release, Cedar Fair says the merger was unanimously approved by the Boards of Directors of both companies, with Cedar Fair shareholders owning 51.2% of the new company.
“Our merger with Six Flags will bring together two of North America’s iconic amusement park companies to establish a highly diversified footprint and a more robust operating model to enhance park offerings and performance,” said Richard Zimmerman, President and Chief Executive Officer of Cedar Fair, in a press release. “Together, we will have an expanded and complementary portfolio of attractive assets and intellectual property to deliver engaging entertainment experiences for guests. The combination also creates an enhanced financial profile with strong cash flow generation to accelerate investments in our parks to delight our guests, driving increased levels of demand and in-park value and spending. I have great respect for the Six Flags team and look forward to joining forces as we embark on this next chapter together.”
The merged company will oversee 27 amusement parks, 15 water parks and nine resort properties in North America.
Cedar Fair says the merger is expected to close in the first half of 2024.
The combined company will operate under the name “Six Flags,” and will be traded under the ticker symbol “FUN” on the New York Stock Exchange. The combined company will be headquartered in Charlotte, North Carolina, but “will maintain a significant finance and administrative” operation in Sandusky, Ohio.
The merger was initially reported by Reuters, with The Wall Street Journal saying a deal could be final this week.
According to Reuters’ report, Cedar Fair has a market value of $1.8 billion, while Six Flags is at $1.7 billion, per Reuters.
Cedar Fair’s 15 amusement and water parks from coast to coast include Cedar Point and Kings Island in Ohio, Knott’s Berry Farm near Los Angeles, Canada’s Wonderland outside Toronto, and Carowinds near Charlotte, North Carolina. It also has several hotels and campgrounds at its parks.
Six Flags operates 27 parks across the United States, Mexico and Canada.
Last year, Seaworld Entertainment’s offer to take over Cedar Fair Entertainment was been rejected. “Unfortunately, we do not see a path to a transaction,” the company said. SeaWorld, based in Orlando, operates a dozen SeaWorld, Busch Gardens and Sesame Place parks, primarily in the southern U.S.