Posted on: November 10 2009 | Posted in: Latest NewsNickelodeon ends licensing agreement with Southern Star
By Jaquetta N. White, The Times-Picayune
November 09, 2009, 4:35PM
Nickelodeon has cut ties with Southern Star Amusement, the theme park operator it had agreed to allow to use its name to redevelop the former Six Flags theme park in eastern New Orleans.
In a statement released Monday afternoon, the company said it had "ended its licensing arrangement with Southern Star Amusement for the proposed outdoor theme park in New Orleans due to Southern Star's failure to meet important contractual requirements and deadlines."
Nickelodeon, a division of the media giant Viacom, would not provide further comment.
Nickelodeon had agreed to lend its name, marketing strength and cache to the park through a licensing agreement with Southern Star. The company had not planned to make any financial commitments to the park.
Southern Star, an upstart company, recently withdrew its request to the Louisiana Bond Commission for $100 million in Hurricane Katrina business development bonds to fund the project because the company could not come up with $500,000 by the state treasury's deadline.