The theme park enterprise has a brand new big.
Six Flags and Cedar Honest have accomplished their $8 billion merger, making a reside experiences behemoth that owns 27 theme parks, 15 water parks, 9 lodges and resorts in addition to safaris, marinas and different properties throughout the U.S., Canada and Mexico.
“At this time marks a major milestone for our firm, shareholders, company and associates, unlocking larger worth and better alternatives to ship participating leisure experiences,” mentioned Richard Zimmerman, president and chief govt officer of Six Flags Leisure Company.
Cedar Honest 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 yr.
The businesses famous that by combining they’ll have much 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 take care of Warner Bros. Discovery for rights to characters from DC Comics and Looney Tunes, and Cedar Honest controlling rights to the Peanuts universe.
The brand new firm can be known as Six Flags Leisure Company, and commerce underneath the ticker “FUN” on the New York Inventory Alternate. Most of its senior executives can be present Cedar Honest 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 change 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 high open an enormous new park in Orlando subsequent yr, 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’ll have much more parks unfold throughout the nation, together with many removed from Disney or Common properties.
“We consider that by combining the very best concepts and most profitable leisure practices of each Six Flags and Cedar Honest, the brand new Six Flags can ship a superior stage of pleasure and pleasure that has but to be skilled by regional park company,” said Selim Bassoul, govt chairman of the board of administrators of Six Flags Leisure Company. “We’re excited to unite the Cedar Honest and Six Flags groups to capitalize on the large development 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 sturdy working mannequin, enhancing park choices and efficiency although the complementary portfolio of engaging property and mental property from every of Cedar Honest and the previous Six Flags.”