COLUMBUS, Ohio (WCMH) — Cedar Fair, the company that operates Cedar Point and Kings Island, is merging with Six Flags.

The companies made a joint announcement Thursday. The combined company, set to operate under the name Six Flags, will be worth more than 3.5 billion dollars and will be headquartered in Charlotte, North Carolina. Significant finance and administrative operations are said to be remaining in Sandusky, Ohio.

Officials from both companies say the merger will provide growth opportunities and new benefits for guests, employees, and shareholders.

“Our merger with Six Flags will bring together two of North America’s iconic amusement park companies to establish a highly diversified footprint and a more robust operating model to enhance park offerings and performance,” said Richard Zimmerman, President and Chief Executive Officer of Cedar Fair. “Together, we will have an expanded and complementary portfolio of attractive assets and intellectual property to deliver engaging entertainment experiences for guests.”

After the merger, Zimmerman will serve as president and chief executive officer of the combined company. The plan also includes that Selim Bassoul, president and chief executive officer of Six Flags, will become the executive chairman of the combined company’s board of directors. A new board of directors of the combined company will consist of 12 directors, six from the Cedar Fair board and six from the Six Flags board.

The announcement noted that the pair “have minimal market overlap of park operations,” which will complement each other and offer “expanded park access to season pass holders along with an enhanced, combined loyalty program featuring additional perks.”

Cedar Fair, headquartered in Sandusky, owns and operates 13 properties, consisting of 11 amusement parks, four outdoor water parks, and resort accommodations. The parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan, Texas and Toronto.

Six Flags is the world’s largest regional theme park company, with 27 parks across the United States, Mexico and Canada. 

The combined company will also share a portfolio of intellectual property such as Looney Tunes, DC Comics and Peanuts.

The merger, planned to close in the first half of 2024, still requires shareholder and regulatory approval.