Six Flags is merging with Cedar Fair to create the largest amusement park operator in the U.S.
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CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks finished mixed ahead of what’s going to be a busy week. Federal Reserve Chairman Jerome Powell testifies before Congress on Tuesday and Wednesday, fresh inflation data are on the schedule for Thursday and Friday, and if that wasn’t enough, the big banks will kick off second-quarter earnings season later in the week.
In other news, Six Flags and Cedar Fair have merged in an $8 billion amusement park deal, hoping to become stronger competitors to Disney theme parks and Universal Studios.
The newly formed Six Flags Entertainment has 42 locations in 17 states, including the most water parks of any theme park operator in North America.
In a press release marking the completion of the merger, the company said, “Our enhanced financial flexibility will enable us to invest in new rides, attractions, food and beverage options, and state-of-the-art consumer technologies.”
Both have brand relationships that could drive new traffic. Six Flags has the rights to characters from the DC Comic Universe and Looney Tunes, while Cedar Fair’s cast of characters include those from the Peanuts and Snoopy comic strips.
Roller coaster enthusiasts are eager to see how the merger impacts ticket prices. Six Flags, which has long struggled, raised prices in 2022 to $35.99 from just under $29. But on the flip side, Cedar Fair dropped its admission price last year to 80 bucks – its first price cut in nearly two decades.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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