November 02, 2023
Six Flags Entertainment Corporation and Cedar Fair, two amusement park giants with properties across North America, have agreed on a multibillion-dollar merger.
The combined company, which has an estimated value of $8 billion, will operate 27 amusement parks, 15 water parks and nine resort properties across the U.S., Canada and Mexico. Among those properties are Six Flags Great Adventure, Hurricane Harbor New Jersey and Wild Safari Adventure in Jackson, New Jersey and Dorney Park & Wildwater Kingdom in Allentown, Pennsylvania.
MORE: Six Flags Great Adventure will mark 50th anniversary with new roller coaster in 2024
The new company — which will operate under the name Six Flags and have headquarters in Charlotte, North Carolina — also will have the rights to a portfolio of intellectual property, including Looney Tunes, DC Comics and Peanuts. The merger is expected to close in the first half of 2024.
Over the last year, Six Flags and Cedar Fair properties have collectively hosted 48 million guests. The combined company is projected to cut $120 million in costs and generate $3.4 billion in revenue, which the new company says will be invested in park upgrades and expansions.
The merger comes as amusement parks have struggled to raise attendance since the pandemic. As Cedar Fair and Six Flags have little geographical overlap, the merger gives the combined company a wide footprint and balanced theme park presence year-round.
Richard Zimmerman, president and CEO of Cedar Fair, will serve as president and CEO of the combined company. Selim Bassoul, president and CEO of Six Flags, will serve as executive chairman of the combined company’s board of directors, which will include six directors from Cedar Fair's board and six from Six Flags' board.
"By combining our operational models and technology platforms, we expect to accelerate our transformation activities and unlock new potential for our parks," Bassoul said in a statement.
Six Flags Great Adventure will mark its 50th anniversary in 2024 with the addition of The Flash: Vertical Velocity boomerang-style roller coaster and the opening of the Savannah Sunset Resort and Spa. Dorney Park is constructing a new roller coaster, the Iron Menace, which will open next year as the first dive roller coaster in the northeastern U.S.
Follow Franki & PhillyVoice on Twitter: @wordsbyfranki
| @thePhillyVoice
Like us on Facebook: PhillyVoice
Have a news tip? Let us know.
