Six Flags Entertainment Corporation and Cedar Fair Entertainment Company have finalized their merger, culminating in the creation of a formidable entity in the live experiences sector with a combined value of $8 billion. This union brings together 27 theme parks, 15 water parks, 9 hotels and resorts, as well as additional properties such as safaris and marinas across the United States, Canada, and Mexico.
Richard Zimmerman, the president and CEO of Six Flags Entertainment Corporation, expressed enthusiasm about the merger, emphasizing its potential to unlock greater value and deliver enhanced entertainment experiences for shareholders, guests, and employees alike.
“Today marks a significant milestone for our company, shareholders, guests and associates, unlocking higher value and greater opportunities to deliver engaging entertainment experiences,” said Richard Zimmerman, president and chief executive officer of Six Flags Entertainment Corporation.
Cedar Fair, renowned for properties like Knott’s Berry Farm in Anaheim and Cedar Point in Ohio, joins forces with Six Flags, which boasts iconic parks such as Six Flags Over Texas, Six Flags Great Adventure in New Jersey, and Six Flags Magic Mountain in California. The merger, originally announced last year, aims to consolidate their presence in key markets like Florida, Texas, and California, where parks can operate year-round, providing stability even as seasonal parks in the Northeast and Midwest close during winter.
Both companies plan to leverage their extensive intellectual property portfolios within their parks. Six Flags holds licenses for characters from DC Comics and Looney Tunes through its agreement with Warner Bros. Discovery, while Cedar Fair retains rights to the Peanuts universe.
The newly combined entity will operate under the name Six Flags Entertainment Corporation and trade under the ticker symbol “FUN” on the New York Stock Exchange. The leadership team will predominantly consist of current Cedar Fair executives, including Richard Zimmerman as CEO and Selim Bassoul, former CEO of Six Flags, as executive chairman.
“We believe that by combining the best ideas and most successful entertainment practices of both Six Flags and Cedar Fair, the new Six Flags can deliver a superior level of joy and excitement that has yet to be experienced by regional park guests,” stated Selim Bassoul, executive chairman of the board of directors of Six Flags Entertainment Corporation. “We are excited to unite the Cedar Fair and Six Flags teams to capitalize on the tremendous growth opportunities and operational efficiencies of our more extensive entertainment portfolio.”
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In the post-COVID landscape, theme parks have seen a resurgence driven by major players like The Walt Disney Co. and NBCUniversal, both investing billions into expanding their park offerings. Disney plans substantial expansions in California and Florida, along with expanding its cruise line, while Universal is preparing to open a large new park in Orlando next year and a family-focused park in Texas.
While the new Six Flags Entertainment Corporation may not match the scale of Disney or Universal in specific regions, it boasts a broader geographic spread with parks located far from its larger competitors’ strongholds.
Selim Bassoul, executive chairman of Six Flags Entertainment Corporation, highlighted the merger’s potential to enhance guest experiences by integrating the best practices from both companies. He emphasized the combined entity’s ability to capitalize on growth opportunities and operational efficiencies across its expanded portfolio.
Richard Zimmerman echoed these sentiments, noting that the merger establishes a diversified company with a robust operating model. He underscored the merger’s strategic benefits, which include enhancing park offerings and performance through a complementary mix of assets and intellectual property.
The consolidation of Six Flags and Cedar Fair marks a significant development in the theme park industry, promising to reshape the landscape of regional entertainment offerings across North America and beyond.
