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05-24-2006, 08:17 AM
Canada's Wonderland sold in $1.2 billion deal
CTV.ca News Staff
Canada's Wonderland has been sold by CBS Corp. - the owner of Paramount Parks -- to an Ohio-based amusement park operator as part of a $1.24 billion deal.
Cedar Fair will take control of the Toronto amusement park sometime in the third quarter of 2006, according to a written statement from CBS Corp.
The sale is part of CBS Corp's divestiture of its' Paramount Parks division. Cedar Fair owns and operates seven amusement parks and five water parks. The sale adds five parks to Cedar Fair's roster.
"This transaction offers a unique opportunity for us to acquire a world-class asset portfolio," Cedar Fair's president Dick Kinzel said in a written statement on Monday.
Paramount Parks will continue to operate Canada's Wonderland until the deal closes and Cedar Fair takes control. It is not known if the park's name will change.
Canada's Wonderland will be the only park operated by Cedar Fair outside the U.S.
The company's flagship park, Cedar Point, is located on Lake Erie between Cleveland and Toledo, Ohio. Other parks are located in Pennsylvania, Minnesota, Missouri, Michigan and California.
CTV.ca News Staff
Canada's Wonderland has been sold by CBS Corp. - the owner of Paramount Parks -- to an Ohio-based amusement park operator as part of a $1.24 billion deal.
Cedar Fair will take control of the Toronto amusement park sometime in the third quarter of 2006, according to a written statement from CBS Corp.
The sale is part of CBS Corp's divestiture of its' Paramount Parks division. Cedar Fair owns and operates seven amusement parks and five water parks. The sale adds five parks to Cedar Fair's roster.
"This transaction offers a unique opportunity for us to acquire a world-class asset portfolio," Cedar Fair's president Dick Kinzel said in a written statement on Monday.
Paramount Parks will continue to operate Canada's Wonderland until the deal closes and Cedar Fair takes control. It is not known if the park's name will change.
Canada's Wonderland will be the only park operated by Cedar Fair outside the U.S.
The company's flagship park, Cedar Point, is located on Lake Erie between Cleveland and Toledo, Ohio. Other parks are located in Pennsylvania, Minnesota, Missouri, Michigan and California.
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