Canada's Wonderland sold again

CBS Corp. buying Paramount Parks, owner of Canada's Wonderland, in deal worth $1.24 billion US.

The Canada's Wonderland amusement park north of Toronto is changing hands again.

The park's owner, Paramount Parks, is being sold by CBS Corp. to Cedar Fair L.P. for $1.24 billion US in cash.

In addition to Canada's Wonderland, the deal also includes the sale of amusement parks in Ohio, Virginia, North Carolina and California.

Cedar Fair already owns seven amusement parks and five water parks in the United States.

The deal is expected to make Cedar Fair the third-largest theme-park operator in North America by attendance, behindWalt Disney Co. and Six Flags Inc.

Located in thecity of Vaughan, Canada's Wonderland opened in1981. The park was purchased by Viacom in 1993. When Viacom split into two companies at the end of 2005, the park ended up under the ownership of CBS Corp.

CBS had been looking to sell Paramount Parks for some time because the groupdidn't fit with its other media properties.