International Broadcasting Corp. announced Tuesday that it has completed its previously announced acquisition of Fantasy Island Amusement Park in Grand Island and Great Escape Amusement Park in Lake George.
IBC acquired both parks from Charles R. Wood, a businessman and Lockport native, for $36.2 million. The parks were purchased with a combination of cash and 1.2 million shares of common stock valued at $10 per share.
The two amusement parks had combined revenue of $13 million for the 12-month period ending October 31, 1988. Both parks began operating as an IBC entity effective May 27.
IBC, headquartered in Minneapolis, is a leading family entertainment company that owns and operates the Harlem Globetrotters and the Ice Capades.