Paramount Parks Sold To Knotts Berry Farm OwnerBy Michelle
May 27, 2006 - 6:07 PM
Paramount Parks - including Star Trek: The Experience in Las Vegas as well as several amusement parks - will be sold to Cedar Fair, which owns several other amusement parks, for over a billion dollars.
StarTrek.com reported on the sale, which includes the attraction at the Las Vegas Hilton as well as Carowinds Amusement Park in North Carolina and its Borg-themed roller coaster. Based in Ohio, Cedar Fair owns several water parks and Knott's Berry Farm outside Los Angeles.
CBS had taken over Paramount Parks when CBS Corp. split from Viacom; the company quickly announced its plans to sell off the entertainment venues. Cedar Fair will receive a 10-year license to use the Paramount name, but no announcement has been made about whether the company will retain or change the brands on the rides. The parks will not close during the transition, but long-term plans concerning The Experience remain uncertain, as the Las Vegas Hilton was recently sold as well (article).
The deal will not become final until regulatory approval is reached, noted New York Daily Business News, which quoted CBS president Leslie Moonves as saying he was "very pleased with the value we received from the sale of this terrific asset."
Among the Paramount amusement parks changing hands will be Kings Island in Ohio, King's Dominion in Virginia, Great America in California and Canada's Wonderland in Toronto. Several of these have had Star Trek-themed shows and attractions.