Viacom ready to sell theme parks & book publisher

[ALIASd]

Dec. 14, 2005

Viacom ready to sell theme parks, Simon & Schuster


Sumner Redstone
DUBAI -- Viacom Inc. is ready to sell theme parks owned by its Paramount Pictures division, as well as book publisher Simon & Schuster, chairman Sumner Redstone said Tuesday. The U.S. media conglomerate splits into two companies on Dec. 31, separating its faster growing cable networks and film business from the relatively sluggish CBS television broadcasting and radio operations. Simon & Schuster, which will be part of the more mature side of the business has often been cited along with the theme parks as assets Viacom might choose to sell. "We have certain assets which give us a lot of cash flow but don't have the growth potential that we are looking for, like the theme parks and Simon & Schuster," Redstone said in an interview during a visit to Dubai. "If someone offered us enough money, we would probably sell," he saic. Viacom had said earlier it was not actively looking for a buyer for the publishing house. Viacom co-president Leslie Moonves, who will head the Simon & Schuster side of the business, said in November he liked being in publishing. That was before Paramount Pictures agreed to buy DreamWorks SKG in a $1.6 billion cash-and-debt deal on Sunday, giving a big boost to the Viacom studio. Viacom's Class B shares rose 15 cents Tuesday to close at $34.80 on the New York Stock Exchange. (Reuters)

[FrumiousBoojum]

I'll buy it!

I wonder if they'll take $20 and a pin from Disneyland....

[Darkbeer]

Cedar Fair and others were gathering financing in regards to the possible sale of Six Flags assets (which will now not be sold off, except the Six Flags over Texas site due to the value of the land, expect to see those attractions sent to other parks). I think buying 4 parks is something Cedar Fair or Busch could do without breaking the bank.

I know the Santa Clara site is actually owned by the city, and Paramount pays rent, so that park wouldn't be as expensive as the other three.

[FrumiousBoojum]

Only 4 parks? Wow... thought there'd be more parks than that.

Well, hopefully the new owners will know how to do a park. I've hated King's Island ever since Paramount took over.

They took out the monorail.

And on top of that, the park just went downhill everywhere. Renaming of the rides to VERY loosely fit into some sort of movie theme was the worst! Did Amazon Falls really need to be named after a forgotten Michael Crichton movie?

[DisneyMickey]

Viacom had theme parks?

[Darkbeer]

http://www.amusementbusiness.com/amu..._id=1001698669

Viacom theme parks properties include Paramount's Great America in Santa Clara, Calif.; Paramount Canada's Wonderland in Maple, Ontario; Paramount's Carowinds in Charlotte, N.C., Paramount's Kings Dominion in Doswell, Va.; and Paramount's Kings Island in Kings Island, Ohio. Those brought in attendance of more than 13.3 million people in 2005, according to Amusement Business research.

[FrumiousBoojum]

Originally Posted by DisneyMickey

Viacom had theme parks?

They have billboards, too...