A rollercoaster makes a loop at Six Flags Amusement Park.
Picture by Darren McCollester/Newsmakers
The theme park enterprise has a brand new large.
Six Flags and Cedar Truthful have accomplished their $8 billion merger, making a dwell experiences behemoth that owns 27 theme parks, 15 water parks, 9 inns and resorts in addition to safaris, marinas and different properties throughout the U.S., Canada and Mexico.
“At present marks a big milestone for our firm, shareholders, company and associates, unlocking increased worth and larger alternatives to ship partaking leisure experiences,” stated Richard Zimmerman, president and chief govt officer of Six Flags Leisure Company.
Cedar Truthful owns Knott’s Berry Farm in Anaheim and Cedar Level in Ohio, amongst different properties. Six Flags owns Six Flags Over Texas, Six Flags Nice Journey in New Jersey and Six Flags Magic Mountain in Valencia California, amongst others. The businesses initially introduced their plan to merge final 12 months.
The businesses famous that by combining they may have way more parks in places like Florida, Texas and California, which may keep open year-round, serving to to offer stability when their parks within the northeast, midwest shut for the winter.
The businesses plan to leverage their licensed mental property of their parks, with Six Flags holding a cope with Warner Bros. Discovery for rights to characters from DC Comics and Looney Tunes, and Cedar Truthful controlling rights to the Peanuts universe.
The brand new firm can be referred to as Six Flags Leisure Company, and commerce below the ticker “FUN” on the New York Inventory Trade. Most of its senior executives can be present Cedar Truthful executives, together with its incoming CEO Zimmerman. Selim Bassoul, who had been CEO of Six Flags, can be govt chairman of the corporate.
Theme parks have develop into a booming enterprise post-COVID, led by The Walt Disney Co. and NBCUniversal. Each of these firms are pouring billions into increasing their parks companies, with Disney planning main expansions in each California and Florida, in addition to including extra cruise ships; and Common set prime open a large new park in Orlando subsequent 12 months, in addition to a smaller extra family-focused park in Texas (in Six Flags’ yard).
The brand new Six Flags doesn’t have the dimensions of the Disney or Common parks in Florida or California, however it would have way more parks unfold throughout the nation, together with many removed from Disney or Common properties.
“We consider that by combining the perfect concepts and most profitable leisure practices of each Six Flags and Cedar Truthful, the brand new Six Flags can ship a superior stage of pleasure and pleasure that has but to be skilled by regional park company,” acknowledged Selim Bassoul, govt chairman of the board of administrators of Six Flags Leisure Company. “We’re excited to unite the Cedar Truthful and Six Flags groups to capitalize on the large progress alternatives and operational efficiencies of our extra in depth leisure portfolio.”
Zimmerman added of the deal: “Our merger establishes a brand new Six Flags Leisure Company with a extremely diversified footprint and strong working mannequin, enhancing park choices and efficiency although the complementary portfolio of engaging belongings and mental property from every of Cedar Truthful and the previous Six Flags.”