Sale To Cedar Fair
On January 27, 2006, the CBS Corporation announced its intent to sell Paramount Parks due to the fact that it did not fit well within the company's core business (producing and distributing television content). A number of groups expressed interest in purchasing the company, several placed bids, and on May 22, 2006 it was announced that regional theme park operator Cedar Fair Entertainment Company (best known as the owner of Cedar Point in Sandusky, Ohio) had outbid competitors and intended to purchase all five parks in the Paramount chain, including Star Trek: The Experience at The Las Vegas Hilton and the management agreement of Bonfante Gardens.
On June 30, 2006, Cedar Fair announced that it had completed its acquisition of Paramount Parks from CBS Corporation in a cash transaction valued at $1.24 billion. Shortly following the transfer of ownership, Cedar Fair began the process of integrating the two companies by eliminating the Paramount Parks corporate office in Charlotte, North Carolina and transferring all decision-making to Cedar Fair's offices in Sandusky, Ohio.
The individual parks continued to operate under their Paramount names during the 2006 season, however Cedar Fair began removing the Paramount name and logo from the parks in January 2007. The names of the parks were changed back to their original pre-Paramount names (the Paramount's prefix was removed) with the Cedar Fair corporate logo added. As of January 25, 2008, the parks were given their own named websites, rather than being linked to from the old Cedar Fair web portal.
Read more about this topic: Paramount Parks
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