SANDUSKY, OHIO, June 30, 2006 -- Cedar Fair, L.P. (NYSE: FUN), today announced that it has completed its acquisition of the Paramount Parks from CBS Corporation (NYSE: CBS), in a cash transaction valued at approximately $1.24 billion. Cedar Fair will assume the complete operations and management of the parks immediately.
“The completion of this acquisition is great news,” said Dick Kinzel, Cedar Fair’s chairman, president and chief executive officer. “The five Paramount properties are well-run, top-tier parks in good locations with the potential to do even better. The acquisition brings us access to new markets with attractive demographics, such as northern California, the Carolinas, Virginia / District of Columbia and Toronto. We now have a well-balanced portfolio of operations with four parks producing annual attendance over three million visitors each (Cedar Point, Kings Island, Knott’s Berry Farm and Canada’s Wonderland) and, on a proforma basis, no single park contributes more than 22% of revenues based on 2005 results. Our combined operations now include 12 amusement parks, five outdoor water parks, one indoor water park and six hotels, and will entertain approximately 25 million guests annually.”
The five Paramount Parks consist of Canada’s Wonderland near Toronto, Canada; Kings Island near Cincinnati, Ohio; Kings Dominion near Richmond, Virginia; Carowinds near Charlotte, North Carolina; and Great America located in Santa Clara, California.
Kinzel added, “Cedar Fair’s employees as well as many employees from the Paramount Parks have a long history and strong reputation within the industry. They have demonstrated their ability to drive solid returns on investments and are ready and anxious to begin integrating these five great family-oriented parks with our current properties.”
Kinzel concluded by noting that the Partnership will issue an additional press release in the near future to provide updated 2006 earnings guidance, which will reflect the revenues and cash flow of the Paramount Parks from the date of the acquisition, and information on the Partnership’s long term financing.
Cedar Fair’s other 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.