Ohio's Cedar Fair LP will pay $1.24 billion in cash to buy the five Paramount Parks properties of CBS Corp.

The five Paramount Parks consist of Canada's Wonderland near Toronto, Canada; King's Island near Cincinnati, Ohio; King's Dominion near Richmond, Va.; Carowinds near Charlotte, N.C.; and Great America located in Santa Clara, Calif., Cedar Fair said Monday

In 2005, Paramount Parks generated revenues of approximately $423 million while entertaining 12.2 million guests. Cedar Fair reported $569 million in revenues and 12.7 million guest visits. On a combined basis, the two companies generated almost $1 billion in revenues and entertained approximately 25 million guests in 2005.

CBS announced its intention to sell Paramount Parks on Jan. 26.