Utilize the input text as a context reference, choose the right relationship between Madame Tussauds and London from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

Analysts had expected Merlin, which also runs Madame Tussauds waxworks and the London Eye, to make 273 million pounds profit this year, according to a Thomson Reuters (Dusseldorf: TOC.DU - news ) forecast.

Answer: headquarters_location