NEWS: Paramount Parks to Manage Theme Park in Spain

NEWS: Paramount Parks to Manage Theme Park in Spain

Post by JackTheRipp » Tue, 23 Oct 2001 22:28:53

Paramount Parks to Manage Theme Park in Spain

10/19/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

      Company to Assume Management Responsibilities for Terra Mitica
                            In Valencia, Spain    
C***TE, N.C., Oct. 19 /PRNewswire/ -- Paramount Parks has entered
into a long-term management agreement with Terra Mitica, Europe's
newest theme park along the Mediterranean coast outside of Valencia,
Spain, it was announced today by Jane Cooper, president and chief
executive officer of Paramount Parks . Paramount Parks is part of the
Viacom Entertainment Group that includes Paramount Pictures and
Paramount Television. Terms of the agreement, which do not involve a
financial investment by Paramount Parks , were not disclosed.

Terra Mitica, which opened on July 31, 2000, is located in southeast
Spain near Valencia in the town of Benidorm, a popular seaside resort
destination. Terra Mitica, which means mythical lands, is divided into
five themed areas: Egypt, Greece, Rome, Iberia and the Islands of the
Mediterranean. The 245-acre theme park features 27 rides and
attractions, 17 live shows, 35 restaurants and 20 merchandise
locations.

This agreement marks Paramount Parks ' entrance into the European
theme park industry, and builds upon its lengthy experience in
developing, managing and operating theme parks in the United States
and Canada. Paramount Parks will immediately assume responsibility for
Terra Mitica's ongoing operations.

Ms. Cooper said, "We have been following the progress of Terra Mitica
since its initial development and are proud to now be associated with
the park, the Sociedad Parque Tematico de Alicante and the Generalitat
Valenciana. Terra Mitica is one of the most beautiful theme parks in
the world. With the quality of the park and our operating expertise,
Terra Mitica will become one of Europe's most popular theme parks ."

Ms. Cooper announced that she has named John F. Fitzgerald as the
park's Director General. Mr. Fitzgerald is a veteran of the theme park
industry with more than 20 years experience managing theme park
operations both in the United States and Europe. Most recently, he
served on the Terra Mitica development team as Director of Operations
from 1998-2000. Now, as Director General, Mr. Fitzgerald will oversee
all park departments and functions including marketing, finance,
construction and maintenance, human resources, operations and resale.

"With his vast working knowledge of the theme park industry and his
personal experience with the park, John is uniquely qualified to lead
Terra Mitica's future growth and performance," Cooper said.

Mr. Fitzgerald said, "I am enthusiastic about Terra Mitica's prospects
and I look forward to working with Jane and all those with an interest
in the park to continue to build Terra Mitica into one of Europe's
most successful theme parks ."

Paramount Parks is a leading developer and operator of world-class
theme parks and location-based entertainment attractions, entertaining
more than 13 million guests annually. The company currently owns and
operates five of the most popular theme parks in North America
including: Paramount's Kings Island (Cincinnati, OH); Paramount 's
Kings Dominion (Richmond, VA); Paramount's Great America (Santa Clara,
CA); Paramount's Carowinds (C***te, NC); and Paramount Canada's
Wonderland (Toronto, Ontario, Canada). The company also developed and
manages the award-winning Star Trek: The Experience(R) at the Las
Vegas Hilton (Las Vegas, NV) as well as managing Terra Mitica
(Benidorm, Valencia, Spain). More information about Paramount Parks is
available at http://SportToday.org/ .

The Viacom Entertainment Group is one of the world's leading producers
and distributors of motion pictures and television shows. It includes
Paramount Pictures, Paramount Television, and Paramount Parks . The
Motion Picture Group consists of Motion Picture Production and
Distribution, Famous Music Publishing and Theatrical Exhibition (which
primarily consists of Famous Players and Paramount's interest in
United Cinemas International). The Television Group encompasses the
production and distribution of television product, as well as the
United Paramount Network. More information about the Viacom
Entertainment Group is available at http://SportToday.org/ .

Viacom is a leading global media company, with preeminent positions in
broadcast and cable television, radio, outdoor advertising, and
online. With programming that appeals to audiences in every
demographic category across virtually all media, the company is a
leader in the creation, promotion, and distribution of entertainment,
news, sports, and music. Viacom's well-known brands include CBS, MTV,
Nickelodeon, VH1, BET, Paramount Pictures, Viacom Outdoor, Infinity,
UPN, TNN: The National Network, CMT: Country Music Television,
Showtime, Blockbuster, and Simon & Schuster. More information about
Viacom and its businesses is available at www.viacom.com.