01:37pm EDT 5-May-00 Corporate Release VIA VIAB.EB
VIACOM INTEGRATES PARAMOUNT PARKS INTO VIACOM ENTERTAINMENT GROUP
Viacom Integrates Paramount Parks Into Viacom Entertainment Group; Unit to Report to Group Chairman Jonathan Dolgen
NEW YORK--May 5, 2000--Mel Karmazin, President
and Chief Operating Officer of Viacom Inc. (NYSE: VIA, VIA.B), announced today the integration of the company's theme park operations, Paramount Parks, into the Viacom Entertainment Group, reporting to Jonathan Dolgen, Chairman of the Viacom Entertainment Group.
Paramount Parks, based in Charlotte NC, is a leading developer and operator of regional theme parks and location-based entertainment attractions in North America, entertaining 13 million visitors annually. The Viacom Entertainment Group is headquartered in Hollywood, CA, and is composed of the Paramount Motion Picture Group,
the Paramount Television Group, and the domestic and international
theatrical exhibition operations of Viacom.
Mr. Karmazin said, "With the integration of CBS and Viacom, we now
have the opportunity to more closely align important parts of the
company to enhance their future growth. The linkages between these two
operations are already strong, including the successful development of
branded Paramount properties at the parks such as Top Gun: The Jet
Coaster, the Paramount Action Zone and Titanic: The Movie on Tour."
Mr. Dolgen said, "I'm very excited to welcome Jane Cooper and her
entire team into the Viacom Entertainment fold. Working together, we
will exploit the wealth of preeminent entertainment brands at
Paramount and throughout Viacom, bring even more innovative
entertainment to millions of guests and grow our parks business even
faster."
Jane Cooper, President and CEO of Paramount Parks, said, "We
anticipate even greater opportunities for collaboration and growth as
part of the Viacom Entertainment Group. Working with Jon and our
Paramount colleagues, we look forward to exploring new avenues for
expansion, while continuing to push creative boundaries for the
benefit of our business, our associates and our guests."
Paramount Parks operates five North American theme parks:
Paramount's Great America, Santa Clara, California; Paramount's Kings
Dominion, Richmond, Virginia; Paramount Canada's Wonderland, Toronto;
Paramount's Carowinds, Charlotte, North Carolina; and Paramount's
Kings Island, Cincinnati, Ohio, which is the most popular regional
theme park in North America. The parks group is the recognized
industry leader in coaster innovation, boasting over 50 of the world's
best coasters. In addition, the group developed and operates
interactive attraction Star Trek: The Experience at the Las Vegas
Hilton, which had the largest attraction opening in Las Vegas history
in 1997 and remains the city's highest grossing per square foot retail
venue.
Viacom Inc., which completed its merger with CBS Corporation on
May 4, is one of the world's largest entertainment and media
companies, and a leader in the production, promotion, and distribution of entertainment, news, sports, and music. |
