PITTSBURGH -- Kennywood and its two sister parks, Sandcastle and Idlewild, were sold to a larger corporation.

A spokesperson from the park announced Tuesday morning that Parques Reunidos is acquiring Kennywood Entertainment.

The company, based in Madrid, Spain, is an international operator that manages 61 amusement, animal and water parks in the U.S. and Europe, with total annual visitors exceeding 22 million and revenues exceeding $570 million.

Click here to read the official press release from Kennywood.

Kennywood was founded in 1898 as a small trolley park near Pittsburgh. Today's Kennywood still contains two major buildings dating from 1898 -- a carousel pavilion and a restaurant (originally the Casino).

Idlewild Park came into existence on May 1, 1878, when the property owner gave the right and privilege to occupy his land for picnic purposes or pleasure grounds to the owner of the Ligonier Valley Railroad.

Sandcastle Water Park opened in July 1989 on property that was the railroad yard for the giant U.S. Steel Homestead Works. Seven miles of railroad track were removed to make way for the waterpark along the Monongahela River.