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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.
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