The operation was originally owned by the former Viacom. After the CBS/Viacom split in 2005, the rights for Paramount Parks remained with Viacom, now known as CBS Corporation. In January 2006, however, CBS announced their plans to sell Paramount Parks, as it did not fit within the company's core business strategy. [1] In May of that year, it was announced that Cedar Fair Entertainment Company would be acquiring Paramount Parks for US$1.24 billion, [2] a transaction that concluded the following month. [3] Cedar Fair began removing the Paramount logo from their attractions in January 2007.