Worlds of Fun owner, Six Flags to merge into ‘largest amusement park operator’ in US
November 4, 2023 | Josh Boose
Editor’s note: The following story was previously published by KCUR, Kansas City’s NPR member station, and a fellow member of the KC Media Collective. Click here to read the original story or here to sign up for KCUR’s email newsletter.
Cedar Fair — the parent company of Worlds of Fun in Kansas City — and Six Flags plan a merger that will unite 27 amusement parks and 15 water parks across the United States
Worlds of Fun and Cedar Point’s parent company, Cedar Fair Entertainment, is merging with another major amusement park operator, Six Flags.
The announcement was made Thursday morning by executives from both organizations. It would make the combined company the largest regional amusement park operator in the country, valued at $8 billion, with 27 amusement parks and 15 water parks, according to statistics provided by Cedar Fair.
“Inside our parks, we expect to leverage the capabilities of both companies to create a more engaging and immersive experience so that guests choose us from amid the wide array of options they have to spend their leisure time and leisure money,” said Cedar Fair Chief Executive Officer and President Richard Zimmerman in a public conference call Thursday morning. Zimmerman will lead the new combined company.
Worlds of Fun, December 2021; photo by Drew Hastings
Cedar Fair laid out the financials for investors and the media in Thursday’s conference call, estimating the merger would generate $120 million in cost savings within two years and $826 million in free cash flow. The merger expects to create $3.4 billion in revenue.
The combining of the two organizations was done with a focus on the customers, according to Six Flags CEO Selim Bassoul, who will become executive chairman of the new company’s combined board of directors.
“This transaction is all about our guests,” Bassoul told those listening-in on Thursday’s conference call, where the merger was detailed. “The value it will create, for them, the additional perks we will provide and the additional thrills we will create.”
Specifics on any new “perks” or “thrills” are unclear. The potential for a season pass sharing system was mentioned in the call. Charlie Brown and Snoopy may have some new friends to join them too. In a handout about the merger, live entertainment was a focus: “Capitalizing on entertainment partnerships and a portfolio of beloved IP [Intellectual Property] such as Looney Tunes, DC Comics and PEANUTS to develop engaging new attractions.”
Click here to see more of Cedar Fair’s properties.
Zimmerman doesn’t anticipate re-branding of the individual parks, including Cedar Point, but said the company will consider changes and upgrades at all locations.
“I think there’s opportunity on both sides to continue to improve our sites, improve our parks, listen to our guests and what they value,” Zimmerman replied when asked about park changes.
Cedar Fair is currently based in Sandusky, Ohio, but in a statement, Cedar Fair said a new, merged corporate office will move to North Carolina with “significant finance and administrative operations in Sandusky.” The board of directors will be made up of six executives from Cedar Fair and six from Six Flags.
In a joint statement, Cedar Fair and Six Flags announced, “the combined company will operate under the name Six Flags and trade under the ticker symbol FUN on the NYSE and will be structured as a C Corporation.”
The merger must be approved by the Federal Trade Commission. Zimmerman expects the deal to close in the first part of 2024.
Cedar Point has been a staple along Lake Erie in Northern Ohio since 1870. There were previous discussions of a sale or merger, the latest occurring in 2022.
Worlds of Fun celebrated its 50th anniversary in Kansas City this year. The park was originally co-created by Kansas City Chiefs founder Lamar Hunt, and acquired by Cedar Fair in 1995.
Copyright 2023 WKSU, Ideastream Public Media.
2023 Startups to Watch
stats here
Related Posts on Startland News
How this KC trucking platform is helping drivers achieve the ‘American Dream’ amid high industry demands, burnout
The COVID-19 pandemic highlighted the importance of truck drivers in the American economy, said Jeff Dema; and Foxpoint is targeting its efforts to ensure that drivers succeed and stay in the demanding industry. “Being a truck driver is a hard job. They’re gone 250 plus nights a year from their home. It requires lots of…
Google’s $100K ‘stamp of approval’ for PlaBook reads like validation for KC-built edtech startup
Kansas City expatriate PlaBook is set to receive $100,000 from Google’s initiative to provide funding to Black-led startups. But for Philip Hickman, it’s not just about the funding, he said. It’s also a credibility boost. “We were happy to receive an investment from Google,” the edtech startup founder said. “It’s a stamp of approval to…
KC’s first Hispanic beer company craft-brews conversations beyond stereotypes
Defining his own cultural identity has been a lifelong struggle for Damon Arredondo, the longtime brewer said. Coming from a mixed-cultural background, Arredondo often felt as if there was “a checklist” that decided whether or not he was able to identify with his heritage, he shared. “Only recently in the last five year have I…
Veteran entrepreneur finds security in pizza, opening new Rosati’s in south Overland Park
Bob Ring sold his homegrown company of 25 years — then got a job delivering pizzas. All part of the recipe for the longtime Kansas City businessman who — despite his decades of experience — initially found banks hesitant to lend to him during the pandemic as he worked to open his own pizzeria in…