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Cedar Fair (owners of Cedar Point) buy Canada's Wonderland

silver1

TRIBE Member
Interesting to say the least. Perhaps some crazy mega coasters will be on our way instead of weak movie based crap rides.

PRESS RELEASE: CEDAR FAIR, L.P. TO ACQUIRE PARAMOUNT PARKS

SANDUSKY, OHIO, May 22, 2006 -- Cedar Fair, L.P. (NYSE: FUN), 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) (NYSE: CBSA) 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, 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 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.
 
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Sleepy Giant

TRIBE Member
This spells more mega coasters for Wonderland.

That's what this company does. The two newest coasters at Valleyfair! are intense.
 

JESuX

TRIBE Member
yeah, that would be weird... they've just dumped all this money into their stupid movie-themed attractions.

the italian job stunt track?! *rolleyes*
 

Thumpr

TRIBE Member
do we have any reliable stats on how many people have died on Canada's Wonderland property since it opened?
 
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quantumize

TRIBE Member
i work by wonderland, and I am always amazed at the sheer volume of people it brings in every year, I can only imagine how it will blow up once they get some REAL new coasters
 

Sleepy Giant

TRIBE Member
They will have one of these at Wonderland very soon

http://www.valleyfair.com/public/attractions/rides/thrill_rides/steel_venom.cfm

Steel_Venom.jpg


Only 8.5 Mill and you can have one in your backyard.
 

Lil'Timmy

TRIBE Promoter
Dear Cedar Fair,

Please tear down the Dragon Fire and put up a Millenium force type rollercoaster. I personally would want to go 120-130mph down a 60 degree angle'd hill in the dark without the 5 hour drive to Sandusky..although, I won't lie, it's really worth it.
Sincerely
Timmy.
A loyal Cedar Park attendee since 2001.
p.s. please keep funnel cakes and the goaster coaster.
 
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D1Willow

TRIBE Member
There are so many parts of Wonderland that are time tested traditions, I hear your whining about progress, but I hope they can find a way to keep the wooden coasters. And I agree with the rest of the world's population: Don't Fuck With The Funnel Cakes!
And Fear Fest got me laid so keep that around!
 
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Yourmamas

TRIBE Member
Maybe the days of $20 season passes will return?

Glad to see Paramount is leaving. All there new rides have sucked.

PS. Funnel cakes are really easy to makes.
 

djglobalkiller

TRIBE Promoter
this is sooo awesome, maybe wonderland will be worth going, maybe they will actually spend the money on a mega coaster, and put us on the map. And yes bring back god damn smurf village,

we need a top flight dragster, or something of the likes

but make it taller than the cn tower :p

oh well
 

quantumize

TRIBE Member
every triber who goes to wonderland has a duty to stop at the keg on rutherford and weston

mention this post and get a free glass of water and table bread
 

Flashy_McFlash

Well-Known TRIBEr
They need to rebuild Smurf Village, and have a mega-coaster in the middle..."Gargamel's Fuck", which is basically a trebuchet that launches you onto a smaller, faster version of the Ghoster Coaster.
 
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