Cedar Fair was formed in 1978 as an operating partnership between Cedar Point and the then one-year-old Valleyfair. Cedar Fair's name is constructed from the names of its first two parks. In recent years, Cedar Fair has expanded the number of parks it owns. Dorney Park&Wildwater Kingdom was purchased in 1993. Worlds of Fun was purchased in 1995. Knotts Berry Farm was purchased in 1997. Michigan's Adventure was purchased in 2001. Cedar Fair purchased Geauga Lake for $145 million in 2004. Cedar Fair announced the purchase of Paramount Parks for $1.24 billion on May 22, 2006. On September 21, 2007, Cedar Fair announced the closing of Geauga Lake, due to falling attendance. The property has operated solely as a water park since the 2008 season.
The Current CEO is Matthew A. Ouimet, former cheif of operations for the Disney corproation, succeding the previous CEO, Dick Kinzel.