CBS To Sell Paramount ParksBy Michelle
January 28, 2006 - 4:29 PM
CBS Corp. is planning to sell off Paramount Parks, which operates the Star Trek Experience and several amusement parks that have offered Star Trek-themed shows in the past.
The Charlotte Observer reported on the planned sale, quoting CBS's Dana McClintock as saying that "numerous parties" have expressed interest in purchasing the theme park unit. The five North American amusement parks will continue to operate while a sale is negotiated.
While North Carolina's Carowinds, Virginia's King's Dominion, Ontario's Canada's Wonderland, Ohio's King's Island and California's Great America are expected to remain in business, the fate of Star Trek: The Experience has been uncertain since the Las Vegas Hilton was sold last year. The Las Vegas Business Press noted that one of the hotel's vice presidents had downplayed rumours that the attraction would be shut down when its contract expired in 2007 aftern the completion of a $20 million-plus hotel renovation.
McClintock told the Observer that theme parks did not fit CBS's core content-oriented strategy. In addition to the theme parks, Paramount Parks manages Bonfante Gardens in California and CBS Television City at the MGM Grand Hotel & Casino in Las Vegas.
CNN reported that Paramount Parks bring in $1.1 billion in annual sales.