SANDUSKY, Ohio — It's official.
Cedar Fair, the parent company of Cedar Point and Kings Island, has completed its merger with Six Flags as the amusement park giants join forces for a newly named company now known as Six Flags Entertainment Corporation.
"Each park in the combined company’s portfolio will retain their legacy branding with no changes to park names currently being planned or contemplated," according to a press release from the combined company Monday.
Six Flags Entertainment Corporation will begin trading on the New York Stock Exchange starting Tuesday under the ticker symbol "FUN."
Here's a look at the new Six Flags Entertainment Corporation logo:
"Under the terms of the merger agreement, Cedar Fair unitholders received one share of common stock in Six Flags Entertainment Corporation for each unit owned, and Former Six Flags shareholders received 0.5800 shares of common stock in Six Flags Entertainment Corporation for each share owned," according to a company press release.
The joint company is being led by CEO Richard Zimmerman, who held the same role with Cedar Fair.
SIX FLAGS ENTERTAINMENT CORPORATION: WHAT THE COMPANY LEADERS ARE SAYING
“Today marks a significant milestone for our company, shareholders, guests and associates, unlocking higher value and greater opportunities to deliver engaging entertainment experiences,” Zimmerman said Monday. “Our merger establishes a new Six Flags Entertainment Corporation with a highly diversified footprint and robust operating model, enhancing park offerings and performance though the complementary portfolio of attractive assets and intellectual property from each of Cedar Fair and the former Six Flags. The combination also enhances the financial profile of the company 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.”
Selim Bassoul, who was President and CEO for Six Flags, will now serve as executive chairman of the combined company's board of directors.
“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,” Bassoul said. “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.”
HOW THE COMBINED COMPANY DESCRIBES ITSELF
Now that the merger is complete, here's how Six Flags Entertainment Corporation describes the company:
Six Flags Entertainment Corporation is North America’s largest regional amusement-resort operator with 27 amusement parks, 15 water parks and nine resort properties across 17 states in the U.S., Canada and Mexico. Focused on its purpose of making people happy, Six Flags provides fun, immersive and memorable experiences to millions of guests every year with world-class coasters, themed rides, thrilling water parks, resorts and a portfolio of beloved intellectual property such as Looney Tunes®, DC Comics® and PEANUTS®.
WHAT ZIMMERMAN SAID ABOUT THE MERGER LAST YEAR
“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,” Cedar Fair CEO Richard Zimmerman previously said when the merger news first surfaced last November. “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.”
LEADERSHIP TEAM
In addition to the roles filled by Zimmerman and Bassoul, Cedar Fair and Six Flags provided details earlier this month regarding the senior management team who will lead the combined company.
The following leaders will report to Zimmerman:
- Tim Fisher, Chief Operating Officer (currently in same position at Cedar Fair)
- Brian Witherow, Chief Financial Officer (currently in same position at Cedar Fair)
- Brian Nurse, Chief Legal & Compliance Officer, and Corporate Secretary (currently in same position at Cedar Fair)
- Christian Dieckmann, Chief Strategy Officer (currently in same position at Cedar Fair)
- Gary Mick, Chief Integration Officer (currently Executive Vice President and Chief Financial Officer at Six Flags)
“We are fortunate to have a proven team of leaders who bring decades of park operating experience and significant expertise in integrating businesses and achieving synergy targets for the combined company,” Zimmerman said in a previous press release. “Their insights and complementary skill sets will be instrumental as we combine two of North America’s iconic amusement park companies and forge a new future together.”
CEDAR FAIR / SIX FLAGS PARKS
Cedar Fair and Six Flags operate multiple parks across the country, which you can see in the two company maps below...
Cedar Fair
Six Flags
Combined company
SIX FLAGS / CEDAR FAIR CONNECTION TO GEAUGA LAKE
Here in Ohio, Cedar Fair and Six Flags have a previous connection regarding the Geauga Lake property in Aurora. In 2000, Geauga Lake became known as Six Flags Ohio before Cedar Fair took ownership four years later.
Geauga Lake, along with its iconic Big Dipper roller coaster, were then closed forever at the end of the 2007 season. All that remained was the Wildwater Kingdom water park where SeaWorld once stood. The water park, however, was closed forever at the end of its 2016 season.
Feeling nostalgic? Here's some archive footage looking back at Wildwater Kingdom:
