CBS Parts With Parks for $1.24B


CBS is selling its Paramount Parks to Cedar Fair L.P. for $1.24 billion cash.

CBS said in January that it would shed its Paramount Parks division as it sculpted the new company it was creating after separating from Viacom.

The division operates five parks: Paramount Canada's Wonderland (Toronto, Ontario); Paramount's Carowinds (Charlotte, N.C.); Paramount's Great America (Santa Clara, Calif.); Paramount's Kings Dominion (Richmond, Va.); and Paramount's Kings Island (Cincinnati).

Also part of the division is the Star Trek "experience" at the Las Vegas Hilton, familiar to many a NATPE attendee.

The parks division also manages the CBS Television City at the MGM Grand, which hosts an ongoing research operation--in conjuction with Nielsen. The sale does not affect the research that will continue to be conducted out of that facility, according to CBS.