SANDUSKY, Ohio — Cedar Point's parent company, Cedar Fair, will be merging with Six Flags, according to a news release from the companies.
Cedar Fair and Six Flags Entertainment Corporation announced they will enter into a definitive merger agreement; the combined company will be valued at roughly $8 billion, based on both companies' debt and equity values as of Oct. 31, according to Cedar Fair.
The merger was unanimously approved by the boards of directors for both companies.
“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,” said Richard Zimmerman, president and chief executive officer of 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 business will be headquartered in Charlotte, North Carolina, and will keep significant finance and administrative operations in Sandusky, Ohio, where Cedar Fair is based.
"Cedar Point is one of the top amusement parks in the United States, and they have called Sandusky home for over 150 years," said Sandusky City Manager John Orzech. "We look forward to continuing our great partnership with Cedar Point to further position Sandusky as a premier destination in the Great Lakes region. Additionally, the City has been assured that the current Cedar Fair administrative and finance operations in Sandusky will remain here after the merger with Six Flags is complete. We expect that Cedar Point will remain one of the flagship parks in the new company and we will continue to ensure that Cedar Point’s presence here not only makes Sandusky a great place to visit, but also a great place to live."
The combined companies will operate 27 amusement parks and 15 waterparks across 17 states.
“The combination of Six Flags and Cedar Fair will redefine our guests’ amusement park experience as we combine the best of both companies,” added Selim Bassoul, president and chief executive officer of 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.”
CEO of the Greater Sandusky Partnerhship, Eric Wobser, is confident in the merger and the economic prosperity that may follow.
"The exciting part is a company with a corporate presence in Sandusky just grew to about $3.5 billion in annual revenue, and that can be good for the local economy," said Wobser.
Wobser said that even though the Cedar Fair headquarters is moving to Charlotte, North Carolina, 80 corporate jobs will remain in Sandusky.
"The move to Charlotte is not surprising to us because the majority of Cedar Fair's executives have already been working in Charlotte for the last several years," Wobser added.
Both companies said the merger will allow more investment into Cedar Point, like updating rides, expanding food and beverages, even adding exhibits, but not everyone is on board.
Ray Videc from Berea is an amusement park enthusiast. He's been going to Cedar Point throughout his childhood, and his passion for parks carried into adulthood.
"It's just the best place in the whole world and I still have that feeling every time I go," said Videc. "On top of that, I am big into all the Cedar Fair parks. So, I travel around the country and, in fact, over the last year and half of last year I have 83 visits to all the Cedar Fair parks, and I’ve been to all of them now."
Videc is also a diamond member at Six Flags and feels the merger benefits Six Flags more than Cedar Fair. He doesn't want to see Carowinds, an amusement park in Charlotte, become the new flagship location.
"Some of them are okay, but none of them are up to the standards of Cedar Fair parks," Videc added. "As far as the quality, the parks are pretty run down; the food isn't that good. I think it’s going to slow down what we have going at Cedar Fair."
Wobser reassured park lovers that Cedar Point will remain the crown jewel of amusement parks worldwide.
"I think if you’re a visitor and someone who loves Cedar Point, you’re not going to see a lot of changes," said Wobser. "I think you’re going to continue to see it be the best place to visit on the Great Lakes."
