El Pais (Madrid, Spain)
(C) Copyright 2001.
In Spain, the Viacom affiliate Paramount Parks and Terra Mitica are to
sign an agreement today whereby the US company will manage the
Benidorm theme park for 1.4bn ptas up to 2003. Then, the agreement
could be extended until 2009.
Terra Mitica director-general Miguel Navarro, who is certain to leave,
says the name of the Benidorm park will be unchanged although elements
will be introduced identifying Paramount Parks .
The US company will progressively subscribe to the capital of Terra
Mitica up to a maximum of 15 per cent while the 14.8 per cent stake of
the Valencian regional government will fall in the Alicante company to
between 4 per cent and 7 per cent according to regional president
[Original article approx 150 words]