If NBCUniversal doesn't buy, Blackstone has to find a buyer within nine months or it would have to wait a year before trying again.

Although the article doesn't specifically say, I'm assuming that another buyer could buy Blackstone's half rather than buying the whole thing. That's what Blackstone did to get its half in the first place.

Could another buyer buy half? Would another buyer by half? Who wants a stake in Universal Orlando, and who can actually buy one?

Well, this is a Disney-focused site, so let's go there first.

Interestingly, there was a time when Disney and Universal could have built a joint project in central Florida, but instead, Disney built a park that opened in 1989 and Universal built a separate park and opened it in 1990. I don't think it is out of the question that had Walt Disney lived a few more years, and had the conditions been right (Walt was often critical of other film studios and wary of those in charge of them), he himself would have considered hosting Universal at the Walt Disney World site.

However, most of what I wrote when the Busch parks were up for sale applies here. Disney, as far as we know, has never bought an established theme park. The culture clash would be difficult to overcome; a lot of people working at Universal Orlando are working there first and foremost because it isn't Disney. Would Comcast (which many years back made noise about buying up Disney) even want Disney as a partner, now that Comcast owns NBCUniversal? Plus, it seems like bad idea to own two major studio-themed parks in the same area, unless one of them can be changed into something else. On the plus side, Disney now owns Marvel, and some of Marvel's popular universe is currently featured prominently at Islands of Adventure.

What are the other possibilities?

To really get into that, we need to consider what comprises the resort. There are the two theme parks - Universal Studios Florida and Islands of Adventure. There is Universal CityWalk (retail, dining, and entertainment) and three Loews Hotels. Wet'n Wild Orlando is part of the ownership, too.

Hmm. Loews. Loews was MGM's theater chain, forced to spin off due to antitrust issues. In the 1980s, Loews was an owner of CBS. So there is some entertainment history there. Regardless of that, though, if NBCUniversal doesn't buy out Blackstone's share, perhaps the next best thing would be for the resort's hotel company to do so. Loews has a definite interest in keeping people coming back to the resort and keeping them there.

I�m still drawing a blank on News Corp (Fox), but I know the other companies have all been involved in theme parks or location-based entertainment in the U.S. in the past. However, the trend still seems to be a decreasing involvement here, even if they are developing (or licensing content for) new parks in Asia or elsewhere.

Time Warner has spun off their cable company, so that reduces possible conflicts being in business with a company owned by Comcast, and Time Warner would then have direct control over Harry Potter's theme park manifestation. But I see no indication Time Warner wants to get back into the theme park business (formerly it was there stateside with Six Flags). It licenses its content instead, and seems to like the idea of NBCUniversal running Universal Orlando. If Time Warner did want to get more involved, perhaps it would do it with film partner (and past theme park partner) Village Roadshow, which owns other Wet'n'Wild parks.

Most of them are more likely to be taken over themselves than to make such a significant investment, especially in something that doesn't mesh well with what they already do.

Hershey Entertainment and Resorts Company or Six Flags - I don't see this happening. I doubt anyone is going to disagree.

Cedar Fair - I don't see that happening, either. The company has recently been a takeover target itself. More on that in a moment.

There�s Herschend Family Entertainment, a privately-owned themed-entertainment company. I think that company would be more likely to get involved than Hershey, Cedar Fair, or Six Flags, but still I don't see this as likely. If they do get involved, it will be through or with CNL Lifestyle Properties.

PARC Management is based in Jacksonville, Florida. The company is comprised of people who have experience in theme parks, including Six Flags. However, it has recently lost some properties to Herschend through CNL, so I don't see this as likely.

Parques Reunidos, based in Madrid, Spain, is another international operator with a diverse park portfolio, including movie-themed and water parks. The company is owned by a private equity firm, Candover Investments. Out of all of the above theme park operators, they would be the most likely.

Before the economy took dive, there were so many theme park projects being planned for the Arabian Peninsula. Some of those investors might be interested.

The same people who have invested in Universal Studio Japan. Might not be possible given the recent catastrophe in Japan.

The same people who have invested in Universal Studios Singapore (Genting Group), a more recent project than Japan�s park.

Apollo Management, like Blackstone, is private equity company. They recently tried, and failed, to get Cedar Fair, so this company is not afraid of investing in theme parks. Some other holdings they have include most (or a significant minority ownership of) Jacuzzi Brands (think of THAT synergy!), AMC Entertainment, Harrah�s Entertainment, and Norwegian Cruise Lines, which does operate in Florida.

So what�s going to happen? Will NBCUniversal be forced to sell? Does Comcast want NBCUniversal to sell? Will NBCUniversal buy out Blackstone? Will Loews? Will the Genting Group?

Universal Orlando, if they keep doing the kind of thing they�ve done with the Wizarding World of Harry Potter, will continue to be healthy competition for Walt Disney World. Let�s hope that whatever happens ends up being good for Universal Orlando - for the sake of not only theme park nerds and tourists, but the people who work there and others who rely on tourism, and for the designers.

--Posted March 23, 2011
�2011 Ken Pellman, all rights reserved. Licensed to LaughingPlace.com.