SeaWorld Entertainment has made an unsolicited offer to purchase longtime theme park company Cedar Fair, which owns a dozen amusement parks, including Knott's Berry Farm in Orange County.
The offer was first reported Tuesday by, according to unnamed sources familiar with the deal. In addition to theme parks, Ohio-based Cedar Fair also owns and operates nine water parks, as well as more than a dozen lodging properties.
Financial performance was also a bright spot, with third-quarter revenue coming in at $521.2 million, up 10% from 2019. Both before and since the pandemic, SeaWorld’s stock has seen meteoric growth, rising from a low of $11 three years ago to nearly $61 on Tuesday. A merger of the two companies makes sense for SeaWorld, given its move in recent years away from its heavy emphasis on animal attractions to a wider focus on thrill rides and attractions, theme park consultant Dennis Speigel said.Marc Swanson, who had been interim CEO for the last year, becomes the company’s fifth chief executive following years of turmoil within its top leadership
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