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Can Magic Mountain Survive the Land Boom?

The Newhall Land and Farming Company built Magic Mountain in 1971, to provide jobs and bring visitors out to its real estate developments in the Santa Clarita Valley. Six Flags bought it in 1971 for $51 million. Now that Six Flags is in trouble, the park may be sold. White-knuckle rides attract rowdy kids who don't spend much and drive families back to Disneyland, Knott's Berry Farm and Universal Studios. But those 250 acres look good--for more development. We hear what the land might be worth and what local officials are willing to do to keep the park open.Making News: Schwarzenegger Calls for Special Session on Prison ReformLast week a federal court special master said Arnold Schwarzenegger had given up on prison reform. Today, the Governor announced he's calling a special legislative session starting tomorrow. Dan Morain, who reports on prisons for the Los Angeles Times, has more on the Governor's plans.