Six Flags moves into TV with Dick Clark acquisition
MUMBAI: Theme park Six Flags has acquired a 40 per cent equity interest in US television production company, Dick Clark Productions, for $175 million. RedZone, Capital a Virginia-based private equity fund managed by Six Flags directors Daniel M. Snyder and Dwight C. Schar, will acquire the majority 60 per cent interest.
Daniel M. Snyder will become DCPI chairman of the board of directors and Six Flags executive VP of entertainment, marketing Mark Shapiro and Michael Antinoro will be members of the board. Terry Bateman, formerly Washington Redskins CMO where he was responsible for the team‘s marketing, sponsorship and business strategy, will be DCPI CEO.
Among its other TV properties, Dick Clark Productions produces the Golden Globe Awards. It also produces The American Music Awards, Academy of Country Music Awards, New Year‘s Rockin‘ Eve, American Bandstand, Bloopers.
Six Flags president, CEO Mark Shapiro said, "Over the last year and a half, we have been working to transform Six Flags into an ideal experience and destination for unparalleled family entertainment; this transaction is another step in that evolution."
The transaction will broaden and diversify Six Flags‘ business beyond its current operations of 20 parks, enhance its in-park entertainment offerings, generate new growth opportunities, and provide a wide range of synergies.