Six Flags, Cedar Fair to Merge Under Six Flags Corporate NameSix Flags, Cedar Fair to Merge Under Six Flags Corporate Name
Combined company will operate portfolio of 27 amusement parks, 15 water parks and nine resorts along with IP such as Looney Tunes, DC Comics and Peanuts to develop new attractions.
November 2, 2023
Cedar Fair and Six Flags Entertainment Corporation have announced they have entered into a merger agreement, which will see the combined company have an expanded and diversified footprint in the leisure space. The boards of directors of both companies have unanimously approved the terms of the merger agreement.
The combined company, which will be known as Six Flags, will operate a portfolio of 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico. It will also have entertainment partnerships and a portfolio of IP, such as Looney Tunes, DC Comics and Peanuts to develop new attractions.
The combined company’s geographic footprint is also expected to mitigate the impact of seasonality through a more balanced presence in year-round operating climates. The portfolio will include diversified experiences for guests, including safaris and animal experiences, campgrounds, sports facilities and luxury lounges, enabling the combined company to better meet rising consumer demand for varied and engaging entertainment options.
“Our merger with Six Flags will bring together two of North America’s iconic amusement park companies to establish a highly diversified footprint and a more robust operating model to enhance park offerings and performance,” says Richard Zimmerman, president, chief executive officer, Cedar Fair. “Together, we will have an expanded and complementary portfolio of attractive assets and intellectual property to deliver engaging entertainment experiences for guests. The combination also creates an enhanced financial profile with strong cash flow generation to accelerate investments in our parks to delight our guests, driving increased levels of demand and in-park value and spending. I have great respect for the Six Flags team and look forward to joining forces as we embark on this next chapter together.”
“The combination of Six Flags and Cedar Fair will redefine our guests’ amusement park experience as we combine the best of both companies,” says Selim Bassoul, president, chief executive officer, Six Flags. “Six Flags and Cedar Fair share a strong cultural alignment, operating philosophy and steadfast commitment to providing consumers with thrilling experiences. By combining our operational models and technology platforms, we expect to accelerate our transformation activities and unlock new potential for our parks. We are excited to unite the Cedar Fair and Six Flags teams to capitalize on the tremendous growth opportunities and operational efficiencies of our combined platform for the benefit of our guests, shareholders, employees and other stakeholders.”
Upon the transaction’s closing, Zimmerman will serve as president and chief executive officer of the combined company, and Bassoul will serve as executive chairman of the combined company’s board of directors. Brian Witherow, chief financial officer, Cedar Fair, will serve as chief financial officer of the combined company and Gary Mick, chief financial officer, Six Flags, will serve as chief integration officer of the combined company.
The combined company, operating under the name, Six Flags, and trading under the ticker symbol, FUN, on the NYSE, will be structured as a C Corporation headquartered in Charlotte, NC, and will maintaining significant finance and administrative operations in Sandusky, Ohio.
The merger is expected to close in the first half of 2024, following receipt of Six Flags shareholder approval, regulatory approvals and satisfaction of customary closing conditions.
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