The Near Acquisition of Cedar Point by Taft Broadcasting (Owner of Kings Island) in the Mid-1970s!

In the mid-1970s, the landscape of the amusement park industry in Ohio almost saw a significant transformation. Taft Broadcasting Company, under the leadership of executives Charles Mechem, Dudley Taft, and Gary Wachs, devised a strategic plan to acquire Cedar Point Amusement Park. Owned by Emile Legros and George Roose, who had taken over the park in 1957, Cedar Point was poised to join forces with Taft's Kings Island, another prominent amusement destination in Ohio that had just opened in 1972.

Discussions regarding this monumental acquisition began in late 1972 and extended into 1973-1974. Both parties were deeply involved in due diligence, meticulously investigating the potential merger that would unite the two largest amusement parks in the state. The excitement surrounding this prospective deal was palpable, as it promised to reshape the amusement park industry by creating a powerhouse duo in Ohio.

However, the timing of these discussions could not have been more unfortunate. An unexpected economic downturn loomed on the horizon, triggered by the Arab Oil Embargo. The period from November 1973 to March 1975 saw a severe economic recession, with the Dow Jones Industrial Average plummeting by 45%. This economic turmoil had a profound impact on the proposed deal between Taft Broadcasting and Cedar Point, which was primarily structured as a stock purchase transaction by Taft.

As the stock market took a nosedive, Taft Broadcasting's stock value experienced a significant decline. This precipitous drop in Taft's stock was more than the Cedar Point ownership could manage, leading to the dissolution of the deal. The market's instability and the resulting financial uncertainty were beyond the control of both amusement parks, illustrating the challenges of timing in the investment world at that time.

During the negotiation process, Taft Broadcasting made efforts to impress and build rapport with Cedar Point's owners. They asked me to organize a tour of Kings Island for Emile Legros and George Roose, culminating in a dinner at Cincinnati's prestigious Mobil 5-star restaurant, The Maisonette. In conversations that evening, Legros and Roose were captivated by Kings Island, its uniqueness and nouveau industry design. They also thoroughly enjoyed the exquisite dining experience, indicating during the dinner the potential for a strong partnership.

Despite the promising interactions and the strategic geographic alignment between the two amusement parks, the economic climate proved to be an insurmountable barrier. The announcement of the deal's collapse came while we, the Kings Island team, were attending the International Association of Amusement Parks and Attractions (IAAPA) exhibition in Chicago, at the old Sherman House Hotel. The news was a significant disappointment for everyone involved.

In retrospect, the near acquisition of Cedar Point by Taft Broadcasting is a fascinating chapter in the history of the amusement park industry. It's remarkable to consider that 33 years later, the smaller company (the acquisition) in the original negotiations, Cedar Fair, would go on to acquire not only Kings Island but also Kings Dominion, Carowinds, Canada’s Wonderland, and Great America theme parks. This dramatic reversal of roles underscores the unpredictable nature of business and the amusement park industry.

Today, the synergy between Kings Island and Cedar Point feels natural, almost destined. While it took several decades for these two iconic parks to come under common ownership, their eventual unification created a formidable presence in the amusement park world. The story of this near acquisition serves as a reminder of the intricate interplay between vision, timing, and economic forces in the world of business. Hey! Back then, who could have forecast the Cedar / Six merger?!!!!!