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BUSINESS
June 23, 2007 | From Times Wire Services
Six Flags Inc., the second-biggest U.S. theme-park operator, closed a free-fall ride at four of its parks after a cable snapped on the attraction at its Louisville, Ky., park and severed the feet of a 13-year-old girl. Cedar Fair, operator of amusement parks including Knott's Berry Farm in Buena Park, said it temporarily shut down five similar rides at its locations. Rides at Knott's Berry Farm and Six Flags' Magic Mountain in Valencia were not affected.
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BUSINESS
March 11, 2008 | From Bloomberg News
Amusement park chain Six Flags Inc. on Monday reported a narrower fourth-quarter loss after the company sold parks in eight locations and more visitors boosted revenue. The net loss shrank to $126.9 million, or $1.39 a share, from a loss of $189.7 million, or $2.07, a year earlier, the New York-based company said. Sales rose 7.5% to $112.1 million, beating the average $108.6-million estimate among analysts surveyed by Bloomberg. Six Flags, the operator of Magic Mountain in Valencia, forecast adjusted earnings for the year.
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BUSINESS
June 23, 2007 | From Times Wire Services
Six Flags Inc., the second-biggest U.S. theme-park operator, closed a free-fall ride at four of its parks after a cable snapped on the attraction at its Louisville, Ky., park and severed the feet of a 13-year-old girl. Cedar Fair, operator of amusement parks including Knott's Berry Farm in Buena Park, said it temporarily shut down five similar rides at its locations. Rides at Knott's Berry Farm and Six Flags' Magic Mountain in Valencia were not affected.
BUSINESS
December 22, 1992
Six Flags Entertainment Corp., which owns the Magic Mountain theme park in Valencia, is buying most of its stock back from a corporate investor that helped bail the company out last year. Currently, the Blackstone Group, Inc., of New York, owns about 75% of the Class A stock in Six Flags, a type of stock that traditionally gives its holder greater voting power than common stock.
BUSINESS
August 20, 1991 | GEORGE WHITE, TIMES STAFF WRITER
Time Warner Inc. and two New York investment banks have made a joint $700-million offer to acquire Six Flags Corp., an amusement park firm that operates Magic Mountain in Valencia and six other theme parks, Six Flags sources confirmed Monday. Time Warner, which already owns about 20% of Arlington, Tex.-based Six Flags, reportedly has offered to invest $30 million to raise its stake to 50%. Time Warner's partners are the Blackstone Group and Wertheim Schroder & Co., sources said.
BUSINESS
August 18, 1993 | MARKUS GUNTHER, SPECIAL TO THE TIMES
Warner Brothers is reportedly negotiating to invest $180 million in a German theme park, a move that could lead to the second major American stake in a European amusement park. The Westdeutsche Allgemeine newspaper has reported that Warner Bros., the Burbank-based movie studio owned by Time Warner Inc., is negotiating to purchase Bavaria Film Park, a small park in Bottrop, Germany, with attractions pegged to German and American movies.
BUSINESS
April 23, 1991 | PATRICE APODACA, TIMES STAFF WRITER
Six Flags Corp., the owner of Six Flags Magic Mountain in Valencia, said it might have to sell some theme parks or file for bankruptcy protection if can't keep paying the massive debt it took on when the company was taken private in 1987. In a filing earlier this month with the Securities and Exchange Commission, Arlington, Tex.
BUSINESS
April 20, 1993 | PATRICE APODACA, TIMES STAFF WRITER
During the past few days, officials at Magic Mountain have had a lot to worry about. On Saturday, the Valencia park was hit by waves of violence as rampaging youths smashed windows and looted merchandise. The cause of the melee remains unclear, but fingers have been pointed at rap music fans and the park itself for overbooking a concert. The Los Angeles County Sheriff's Department said it would investigate the park and its admission practices.
CALIFORNIA | LOCAL
January 17, 1997 | MARLA DICKERSON and GREG SANDOVAL, SPECIAL TO THE TIMES
Riding a surge of popularity in water parks, Six Flags California announced Thursday it will more than double the number of slides at its Valencia water park as part of an expansion early this year at the tropical-themed attraction. Set to open in late May or early June, the expansion will bring to 22 the number of water slides at the company's Hurricane Harbor park, which is adjacent to Magic Mountain theme park.
BUSINESS
January 13, 2007 | From Bloomberg News
Theme park operator Six Flags Inc. sold 50% more season passes than it ever had before by this point in the year. Passes to Magic Mountain in Valencia grew 33%, and total group sales rose 34% compared with a year earlier, Chief Executive Mark Shapiro said. Season-pass and group sales account for 50% of attendance. The company's shares added 5.3% to an 8.7% gain Thursday after Six Flags agreed to sell seven theme parks. The New York-based company is not selling Magic Mountain.
BUSINESS
August 19, 2006 | Roger Vincent, Times Staff Writer
Six Flags Inc. on Friday sent potential buyers detailed financial information on six of its amusement parks, including Magic Mountain in Valencia, after signaling its intention to sell the properties in a single transaction. When the New York-based company announced in June that it might sell the parks to reduce its $2.1-billion debt, it listed options including selling one or more to theme park operators or dismantling the attractions and unloading the properties to real estate developers.
BUSINESS
July 7, 2006 | Kimi Yoshino, Times Staff Writer
New Six Flags Chief Executive Mark Shapiro isn't having much fun this summer at the company's 30 theme parks. "This product isn't close to where we want to be," Shapiro said during an unusually candid assessment of Six Flags Inc., which may sell six parks, including Magic Mountain and Hurricane Harbor in Valencia. The company is $2.1 billion in debt. Its stock price plummeted 25% immediately after Shapiro's harsh review late last month during a call with investors.
BUSINESS
June 23, 2006 | Jerry Hirsch, Times Staff Writer
Six Flags Inc. said Thursday that it might sell its Magic Mountain and Hurricane Harbor amusement parks in Valencia and raised the possibility that they could be dismantled for real estate development. Facing mounting losses and declining attendance, Six Flags wants to reduce its $2.1 billion in debt by selling parks in Buffalo, N.Y.; Denver; Seattle; Houston; and Concord, Calif., in addition to Magic Mountain.
BUSINESS
April 11, 2006 | From Bloomberg News
Six Flags Inc. investor Wallace Weitz cut his stake in the company to 1.6%. Weitz now owns about 1.47 million shares in the Oklahoma City company, according to a Securities and Exchange Commission filing. Funds he controls had held a 10.6% stake in the world's second-largest theme park operator. In September, Weitz said he was considering opening talks with management to boost the value of the company's shares.
BUSINESS
January 12, 2006 | From Bloomberg News
Six Flags Inc. hired a former ESPN producer to run a new unit aimed at increasing entertainment and sponsorships at the struggling theme-park operator. Mike Antinoro, who created ESPN's "World Series of Poker," will be responsible for in-park entertainment, licensing and advertising, Six Flags said. The division will be based in New York to draw talent from the city's entertainment industry.
BUSINESS
August 19, 2006 | Roger Vincent, Times Staff Writer
Six Flags Inc. on Friday sent potential buyers detailed financial information on six of its amusement parks, including Magic Mountain in Valencia, after signaling its intention to sell the properties in a single transaction. When the New York-based company announced in June that it might sell the parks to reduce its $2.1-billion debt, it listed options including selling one or more to theme park operators or dismantling the attractions and unloading the properties to real estate developers.
BUSINESS
December 15, 2005 | From Bloomberg News
Six Flags Inc. Chief Executive Mark Shapiro plans to increase corporate sponsorships, improve customer service and make the company's amusement parks more appealing to families as part of his turnaround plan. "Six Flags has to be a business focused on bringing more people to the turnstiles and to get them to spend more time at a park," Shapiro said after he was named CEO by Chairman Daniel Snyder, owner of the Washington Redskins.
BUSINESS
December 28, 2005 | From Bloomberg News
Six Flags Inc. named two executives, including an ESPN television programmer, to lead a new unit that will revamp the company's struggling theme parks. Mark Quenzel was appointed executive vice president of park strategy and management, Six Flags said. He was most recently senior vice president of programming and production at ESPN.
BUSINESS
December 15, 2005 | From Bloomberg News
Six Flags Inc. Chief Executive Mark Shapiro plans to increase corporate sponsorships, improve customer service and make the company's amusement parks more appealing to families as part of his turnaround plan. "Six Flags has to be a business focused on bringing more people to the turnstiles and to get them to spend more time at a park," Shapiro said after he was named CEO by Chairman Daniel Snyder, owner of the Washington Redskins.
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