The revamp will open at both Disneyland and Disney World.
Magic Mountain's 20th coaster will also be the tallest and longest single-rail coaster.
Chapek's new deal starts July 1 and runs through 2025.
Cedar Fair sold the park's land to a real estate logistics company for $310 million.
This mash-up house will feature the films "Freaky" and "The Black Phone."
This will be Colorado's first new, non-alpine coaster since 2013.
Both Disneyland and Disney World have been covered by no-fly zones since 2003.
The 1978 film will be featured as HHN houses in both Orlando and Hollywood.