 The company was later sold to Oklahoma-based theme park operator Premier Parks under certain terms and conditions on April 1, 1998.Dick Parsons, already a director on the board since 1991, was hired as Time Warner president in 1995, although the division operational heads continued to report directly to chairman and CEO Gerald Levin.In 1991, HBO and Cinemax became the first premium pay services to offer multiplexing to cable customers, with companion channels supplementing the main networks.