MEDIA & ENTERTAINMENT

Paramount to Buy Theme Parks: Paramount Communications Inc. announced plans to enter the theme park business, saying it will buy four parks operated by Kings Entertainment Co. for about $400 million. The entertainment giant expects the parks to add at least $250 million to its annual revenue. Last year, Paramount took in $3.9 billion. Paramount plans to use the parks as a base for expanding into the theme park business. It also will promote its own products and services, including movies and the live entertainment it offers through New York’s Madison Square Garden, at the parks. Paramount stock tumbled $1.625 to $45.625.