MUMBAI: CBS Corporation will be selling its Paramount Parks operation to Cedar Fair, L.P. for $1.24 billion in cash. The transaction is subject to customary conditions, including regulatory and other approvals, and is expected to close during the third quarter.

The company announced its intention to divest Paramount Parks on 26 January.
"We're very pleased with the value we received from the sale of this terrific asset. I want to thank the management and employees of Paramount Parks for their contributions to the parks division and to CBS Corporation," said CBS Corporation president and CEO Leslie Moonves.
Commenting on the new deal, Cedar Fair LP chairman, president and CEO Dick Kinzel said, "The five properties we are acquiring fit very well with our existing parks and there is very little overlap."

The company said that, the combined operations will generate almost $1 billion in annual revenue from about 25 million customers.

CBS, which inherited the theme-parks after splitting from parent Viacom Inc. in December, said that it would sell the resorts because they did not fit with its broadcasting focus. This acquisition however, will boost Cedar Fair to become one of the world's largest regional amusement park operators. Paramount Parks will remain in full operation throughout the divestiture process, informs an official release.

Paramount Parks' assets include Great America, Carowinds, Kings Island, Kings Dominion and Canada's Wonderland.