CBS Sells Theme Parks for $1.24 Billion

May 22, 2006  •  Post A Comment

CBS Corp. has agreed to sell its theme-park business for $1.24 billion in cash to Cedar Fair, which already owns amusement parks including Knott’s Berry Farm in California.

Cedar Fair will acquire the five theme parks that make up the media company’s Paramount Parks unit, CBS said Monday in a statement. The properties include Wonderland, near Toronto, Ontario, Canada; Kings Dominion, near Richmond, Va.; Kings Island, near Cincinnati; Carowinds, near Charlotte, N.C.; and Great America, in Santa Clara, Calif.

The sale makes good on a promise by CEO Leslie Moonves to shed assets that are not seen as core to the company’s television, radio and billboard businesses. CBS in January said it was planning to sell the parks.

CBS took control of the parks last year after the old Viacom split itself into two publicly traded companies. CBS inherited the publishing and theme-park businesses, in addition to the radio, TV and billboard operations. The company that retained the Viacom name got cable channels and the film studio.