At the time of its acquisition, the company owned and operated five amusement park/water parks, which annually attracted 13 million patrons.

CBS Corporation, in order to "toss overboard" any unnecessary company assets, sought to sell the parks during the 2006 season, planning to continue their operation until a buyer was found.

The only references to a Viacom property remaining were the characters and titles used in Nickelodeon Universe (Kings Island) and Nickelodeon Central (Kings Dominion, Carowinds, Great America, and Canada's Wonderland), all of which were rethemed to Peanuts for the 2010 season, to match the children's areas of Cedar Fair's other parks.

In June 2007, it was revealed that a Paramount Theme Park was to be developed and opened at the Dubailand complex (which itself is currently on hold) in the United Arab Emirates.

In December 2018, it was announced that Paramount Pictures signed a deal with Mohegan Gaming & Entertainment to install the first Paramount-branded theme park in Incheon, South Korea.

In 1992, after 22 years of international operations, KECO Entertainment sold five of their parks to Paramount Communications (which was later purchased by Viacom).

These two attractions, while costing only slightly less than Cedar Point's additions, were indoor, highly themed, immersive rides with synchronized musical scores and Hollywood special effects.

The same can be said of Paramount's last additions to their parks, The Italian Job: Stunt Track, which are family-oriented roller coasters that also feature flames, water, synchronized music, and many movie props.

On January 27, 2006, the then-newly minted CBS Corporation announced its intent to sell Paramount Parks due to the fact that it did not fit well within the company's core business (producing and distributing television content).

A number of groups expressed interest in purchasing the company, several placed bids, and on May 22, 2006, Cedar Fair announced it had outbid competitors and intended to purchase all five parks in the Paramount Parks chain, including Star Trek: The Experience at the Las Vegas Hilton and the management agreement of Bonfante Gardens.

On June 30, 2006, Cedar Fair announced that it had completed its acquisition of Paramount Parks from CBS Corporation in a cash transaction valued at US$1.24 billion.

[7] On October 10, 2011, it was reported that Paramount would develop a theme park in Murcia, Spain with work set to start in 2012.

The $1.5 billion Paramount Murcia park was hoped to rival Disneyland Paris as a European tourist destination.

[8] Following further set backs such as the death of the promoting companies CEO (Jesus Samper)[9] and a High Court ruling, the construction of this park did not continue, and the area was instead expected to be reclassified for agricultural purposes.