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Published: Monday, 5/22/2006

Owner of Cedar Point to buy five more amusement parks

SANDUSKY Cedar Fair LP, which owns Cedar Point and six other amusement and five water parks nationwide, said today it is buying Paramount Parks from CBS Corp. in a cash purchase of $1.24 billion.

The acquisition will make Cedar Fair, based in Sandusky, one of the nation s largest amusement park operators and will give the company its first non-U.S. park.

The northwest Ohio firm, under the transaction, will pick up Canada s Wonderland, near Toronto; Kings Island, near Cincinnati; Kings Dominion near Richmond, Va.; Carowinds, near Charlotte, N.C.; and Great America located in Santa Clara, Calif.

Cedar Fair already owns Cedar Point, in Sandusky; Knott s Berry Farm in Buena Park, Calif.; Dorney Park & Wildwater Kingdom near Allentown, Pa.; Valleyfair near Minneapolis; Worlds of Fund in Kansas City, Mo.; Geauga Lake & Wildwater Kingdom in Aurora, Ohio; and Michigan s Adventure near Muskegon, Mich.

It also has water parks near San Diego and Palm Springs, Calif. and adjacent to its amusement parks of Cedar Point, Knott s Berry Farm, and Worlds of Fun.

Last year, Cedar Fair reported a profit of $161 million on revenues of $569 million, with 12.7 million customers. Paramount Parks had revenues of $423 million, with 12.2 million customers.

CBS Corp. had been looking to sell its parks business, which didn t fit with its media holdings.

Read more in later editions of The Blade and toledoblade.com.

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