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Carowinds sold to Cedar Fair, L.P.


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Cedar Fair LP, the owner of seven amusement parks such as Cedar Point in Ohio and Knott's Berry Farm in California, agreed to buy the Paramount Parks unit of CBS Corporation for $1.24 billion.

Paramount Parks consists of Paramount Canada's Wonderland (Toronto, Canada); Paramount's Carowinds (Charlotte, North Carolina); Paramount's Great America (Santa Clara, California); Paramount's Kings Dominion (Richmond, Virginia); and Paramount's Kings Island (Cincinatti, Ohio).

Paramount Parks was originally a division of Paramount Pictures, created in 1992 when the movie studio purchased the above amusement parks from Kings Entertainment Company. The Paramount Parks continued to operate after Viacom bought out Paramount Pictures/Gulf+Western in 1994.

Under Viacom, the Paramount Parks became part of the Blockbuster Entertainment division until 2000 when they were placed under the MTV Networks division. The parks remained in this branch of the company until the CBS/Viacom split, when they were moved into the CBS unit and became part of the CBS Corporation.

The CBS Corporation announced plans to sell the Paramount Parks division last January, on the basis that the theme parks were not part of the company's core business.

This will be Carowinds' 5th change in ownership since the park opened in 1973. It is unknown if current Paramount related attractions will have to be reworked due to the sell. The park will continue to operate as scheduled, though no specific information has been released related to future developments.

For more information visit the Cedar Fair website: http://www.cedarfair.com/ir/press_releases/index.html

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