Six Flags will merge with owner of Kings Dominion effective next year, companies announce

The parent company of Kings Dominion said Thursday it will merge with amusement park megaowner Six Flags Entertainment Corp.

In a joint statement with Six Flags, Cedar Fair said the merger will “establish a highly diversified footprint and a more robust operating model” in the competitive park entertainment industry. It also will mark Six Flags’ first foray into Virginia; until now, the closest location was in southern Maryland.

The combined company, which will operate under the Six Flags brand, will include 42 amusement and water parks, and nine resorts across the U.S., Canada and Mexico. The new corporate headquarters will relocate to Charlotte, North Carolina from Six Flags in Texas and Cedar Fair in Ohio.

The merger is expected to create a corporation worth an estimated $8 billion. Since there is very little geographical overlap among Six Flags and Cedar Fair properties, the actual effect on existing park operations was expected to be minimal.

“The combination of Six Flags and Cedar Fair will redefine our guests’ amusement park experience as we combine the best of both companies,” Six Flags president and CEO Selim Bassoul said in a statement released by both companies. “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.”

Once the merger is finalized by early next year, Bassoul will become chairperson of the board, and Cedar Fair president and CEO Richard Zimmerman will become company president.

Under the terms of the merger, current Cedar Fair stockholders will receive one share of stock for each unit already owned while Six Flags stockholders will get 0.5880 shares of the new company for each share they hold. Cedar Fair holders will control 51.2% of the new stock to Six Flags holders' 48.8%.

It was not immediately clear from the announcement how the merger would directly affect the 400-acre Kings Dominion, located off Interstate 95 north of Ashland. Six Flags will be the park’s fifth owner since it opened in 1975.

Kings Dominion has more than 60 rides and attractions, plus a 20-acre Soak City water park. According to the latest estimates, it attracts more than 1 million visitors a year.

Also unclear is the effect the announcement will have on Kings Dominion’s decision last month to not operate on a year-round basis in 2024.

After launching a year-round schedule for 2023, the park said Oct. 24 it would shut down for the season at the conclusion of its annual WinterFest Dec. 31 and revert to being open only on weekends from March through Memorial Day.

A message left with the KD management office Thursday has not yet been returned.

Kings Dominion’s closest amusement-park competitor is Busch Gardens Williamsburg some 70 miles to the southeast. Busch Gardens is owned by SeaWorld Entertainment Inc. Last year, SeaWorld tried to buy Cedar Fair for $3.4 billion in an unsolicited offer, but Cedar Fair stockholders rejected it.

Bill Atkinson (he/him/his) is an award-winning journalist who covers breaking news, government and politics. Reach him at batkinson@progress-index.com or on X (formerly known as Twitter) at @BAtkinson_PI.

This article originally appeared on The Progress-Index: Six Flags will take over operations of Kings Dominion