Six Flags and Cedar Fair merge in $8B deal.
OAN’s James Meyers
11:12 AM – Thursday, November 2, 2023
Cedar Fair and Six Flags have announced a merger to create an even more thrilling amusement park experience. With operations spanning across 17 states and three countries, this expanded amusement park operator is set to take the industry by storm.
The merger deal is worth a staggering $8 billion, bringing together 27 amusement parks, 15 water parks, and nine resort properties in the United States, Mexico, and Canada. Get ready for an unforgettable adventure!
But that’s not all! This deal also includes exciting entertainment partnerships and a portfolio of beloved intellectual properties, including iconic brands like Looney Tunes, DC Comics, and Peanuts. Prepare to meet your favorite characters in a whole new way!
Cedar Fair, the proud owner of Cedar Point in Ohio, Knott’s Berry Farm in California, Schlitterbahn Water Park in Texas, and Canada’s Wonderland in Ontario, is ready to take amusement parks to new heights. With this merger, they aim to increase investments in the parks, ensuring an even more thrilling experience for visitors.
Over the years, amusement park attendance has seen a decline. However, Cedar Fair believes that this merger will help boost demand and bring back the excitement. In their third quarter, Cedar Fair reported an attendance of 12.4 million guests, a modest 1% increase from the previous year. Meanwhile, Six Flags saw a larger rise, with a 16% increase in third-quarter attendance, totaling 9.3 million guests.
Both amusement park companies are estimating a whopping $120 million in cost savings within two years of closing the deal. This means more value and unforgettable experiences for park visitors!
Additionally, Cedar Fair unitholders will receive one share of common stock in the combined company for each unit owned, while Six Flags shareholders will receive 0.5800 shares in the combined company for each share owned. The ownership of the merged company will be divided, with Cedar Fair unitholders owning 51.2% and Six Flags shareholders owning 48.8%.
“Our merger with Six Flags will bring together two of North America’s most iconic amusement park companies, creating a highly diversified footprint and a more robust operating model. This will enhance park offerings and performance,” said Cedar Fair CEO Richard Zimmerman in a prepared statement.
With this merger, Richard Zimmerman will become the president and CEO of the combined company, while Selim Bassoul, president and CEO of Six Flags, will take on the role of executive chairman. The newly formed board will consist of six directors from Six Flags and six directors from Cedar Fair.
Once the deal is finalized, the merged company will operate under the name Six Flags and trade under the ticker symbol “FUN” on the New York Stock Exchange. Get ready for a thrilling new era in amusement park entertainment!
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What are the expected benefits of the merger between Cedar Fair and Six Flags for the amusement park industry?
And will be composed of three directors from Cedar Fair and three directors from Six Flags.
The merger is expected to be completed by the end of the first quarter of 2024, pending regulatory approval and the satisfaction of other customary closing conditions. Once completed, the combined company will have a strong position in the amusement park industry, allowing for increased collaboration and innovation.
This merger comes at a time when the amusement park industry is facing challenges due to the COVID-19 pandemic. Both Cedar Fair and Six Flags have implemented numerous health and safety protocols at their parks to ensure the well-being of guests and employees.
As the world recovers from the pandemic, the combined company will be well-positioned to welcome back visitors and provide them with memorable experiences. With a diverse range of parks and entertainment offerings, the newly merged entity will be able to cater to a wide audience and meet the evolving demands of park-goers.
In conclusion, the merger between Cedar Fair and Six Flags marks an exciting chapter in the amusement park industry. With the combination of their resources, intellectual properties, and entertainment partnerships, the new company is poised to offer thrilling experiences and create lasting memories for visitors. As the world eagerly awaits the completion of the merger, it is clear that the future of amusement parks is set to be even more exciting and captivating.
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