CBS Corp to sell Paramount Parks ops to Cedar Fair
Televisionpoint.com Correspondent
CBS Corporation has said that it has reached agreement to sell its Paramount Parks operation to Cedar Fair, L.P. for $1.24 billion in cash. The transaction is subject to customary conditions, including regulatory and other approvals, and is expected to close during the third quarter.
"We're very pleased with the value we received from the sale of this terrific asset, I want to thank the management and employees of Paramount Parks for their contributions to the parks division and to CBS Corporation." said Leslie Moonves, President and CEO, CBS Corporation.
The Company announced its intention to divest Paramount Parks on January 26. Paramount Parks will remain in full operation throughout the divestiture process.
CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets.
CBS Corporation has said that it has reached agreement to sell its Paramount Parks operation to Cedar Fair, L.P. for $1.24 billion in cash. The transaction is subject to customary conditions, including regulatory and other approvals, and is expected to close during the third quarter.
"We're very pleased with the value we received from the sale of this terrific asset, I want to thank the management and employees of Paramount Parks for their contributions to the parks division and to CBS Corporation." said Leslie Moonves, President and CEO, CBS Corporation.
The Company announced its intention to divest Paramount Parks on January 26. Paramount Parks will remain in full operation throughout the divestiture process.
CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets.
Copyright 2005 - 2009 Televisionpoint.com. All rights reserved. A Bhash Media Private Limited Company.
This site is best viewed in Internet Explorer 6.0 or higher versions, at a resolution of 1024 x 768 pixels.