[Carowinds2005]

Looks like "Paramount" Carowinds isnt going anywhere.
<a href='http://www.viacom.com/view_release.jhtml;jsessionid=DLVPXKHZMWXL2CQBAFMA4CY?inID=5000002&inReleaseID=26426' target='_blank'>Seperating Companys</a>

The new company created through the tax-free spin-off will retain the Viacom Inc. name and will be led by Mr. Freston. The new Viacom will be comprised of MTV Networks (including MTV, VH1, Nickelodeon, Nick at Nite, Comedy Central, CMT: Country Music Television, Spike TV, TV Land and many other networks around the world), BET, Paramount Pictures, Paramount Home Entertainment and Famous Music. The other company, to be called CBS Corporation, will be led by Mr. Moonves and will combine the CBS and UPN broadcast networks, Viacom Television Stations Group, Infinity Broadcasting, Viacom Outdoor, the CBS, Paramount and King World television production and syndication operations, as well as Showtime, Simon & Schuster and Paramount Parks. Additional announcements regarding specific details on the two new companies, including financial structures, management teams and a more detailed timetable for the process, will be made over the next several weeks.

[RollerBee]

I knew they wouldn't sell Carowinds or the other five.

[KenB]

Hold on - I've read that the parks ARE most likely up for sale "if the price is right". There's an article on nypost.com that I saw linked to on RRC:

<a href='http://www.nypost.com/business/25130.htm' target='_blank'>NY Post Online article</a> (hint: bugmenot.com comes in real handy if you're not registered for a site )

To summarize the article: the candidates at this point appear to be a group led by a former Paramount executive that has previously expressed interest in buying the parks and....

Cedar Fair, Universal Parks, and various private equity firms. The price seems to be around $1 billion.

This should prove to be interesting. The former Paramount exec would probably have an edge, knowing the players in the company and perhaps would be the best choice to buy the parks IF he has enough capital backing and doesn't try to change everything.

The problem with a group like this, and the investment banker types, is that they tend to see short-term bottom line over everything and that can be bad for a business such as running amusement parks.

Universal of course could be a very good owner. It would certainly be nice if we could get into Universal and IOA for free with our passes On a more serious note, I think they do a very good job of running their parks and aren't shy about spending money - yet unlike say, Six Flags, they don't waste money on crappy rides very often. They run movie-themed parks, AND already have a relationship with Viacom as they use Nickelodeon characters for the Universal Studios kids area. They'd most likely keep the Nick theming, and may even keep some of the better Paramount themes (like Top Gun). I'd say the biggest question here - do they want to grow their amusement park business?

Cedar Fair may also want to expand, although they've passed up some opportunities in recent years such as Jazzland. I'd imagine they'd be quite interested though, as this would give them a solid lock on all the major Ohio parks with the acquisition of PKI. I still have my reservations about them, but they do know the business and tend to put major rides in their parks.

I'm cautiously optimistic about the potential sale of the parks. It could be a big benefit for us if the new owner recognizes that Paramount Parks are run pretty well already, and don't need wholesale changes. Universal or Cedar Fair would most likely install something major at all the parks in the first 2-3 years after they bought them, so we may actually get that hyper after all The potential negatives of course are that someone could come in, change everything, and screw up what we already have.

KenB

[RollerBee]

Viacom has already told us what they are doing.

[carowindsfreak13]

True, but one says this and another says that. I don't know what to believe.

[dukefanswimmer89]

interestingly,
with the park feedback surveys we've been getting, it seems sort of fishy...

Is Viacom reorganizing for taxes, or preparing a sell-off, who's to know..

we don't know if either rumor is true, but if placed under the second company, we don't know how long it will last...

I still hope Cedar Fair comes in they know how to run parks...

Carowinds as a family owned or individual corporation wouldn't be bad either, just it would have less funding and theming - and we'd have to deal w/ the grandfathering issues of theming like nick central...

Universal would be nice too!!!! they could use expanding too [they are only in the flooded CA and FL markets], and carowinds maybe would get something like a resort-hotel.. ??? as well as good rides, although Universal doesn't add rides that often... they don't neglect flats either cough Paramount cough :angry:

[MarkD]

Yawnnnn!!!

[montumax]

Carowinds is going to be under CBS and that's that