North American theme park operators Six Flags and Cedar Fair have signed a definitive agreement to merge, creating a mega-company with an estimated value of around US$8 billion.

This deal brings together two major players in the theme park market, as well as a roster of lucrative kids entertainment brands. Cedar Fair holds the rights to Peanuts, while Six Flags has a licensing agreement with Warner Bros. Discovery for fan-favorite IPs including the Looney Tunes and the DC superheroes.

The merger of Six Flags and Cedar Fair is expected to close in early 2024. When it’s finalized, the combined company will operate a total of 27 amusement parks, 15 water parks and nine resort properties across the US, Canada and Mexico. 

Combining brand portfolios should enhance the entertainment experience for all guests, says Cedar Fair president/CEO Richard Zimmerman. And this could prove to be a key advantage in an increasingly competitive theme park business that is bouncing back well in the wake of the pandemic. According to the Q3 report it released today, Six Flags welcomed 9.3 million visitors this quarter, a 16% jump compared to the same period in 2022. 

The merger will also put Six Flags/Cedar Fair in a better position to compete with Disney and Comcast, which have turned a profit with theme parks this year. 

Under the negotiated terms, Cedar Fair and Six Flags shareholders will respectively control 51.2% and 48.8% of the new company—which is to operate under the Six Flags name, with Zimmerman taking over as CEO and president. Six Flags CEO and president Selim Bassoul will step into an executive director role on the conglom’s board of directors.

Pictured is Six Flags‘ Goliath rollercoaster, courtesy of Six Flags.