Activist Jana Partners Urges Six Flags to Explore Sale
The theme-park company faces pressure following disappointing earnings amid turnaround effort
Activist hedge fund Jana Partners is urging theme-park operator Six Flags Entertainment FUN -0.57%decrease; down pointing triangle to explore a sale, according to people familiar with the matter.
The details
The activist investor on Tuesday called on the company’s board of directors to immediately hire an investment bank to explore a sale, citing its disappointment with Six Flags’ second-quarter earnings, the people said.
Six Flags last month reported that its net loss widened to $202.6 million from a loss of $99.6 million in the prior-year quarter. It had a market value of about $1.2 billion as of Tuesday. Shares are down roughly 42% over the past year.
Six Flags has been working to turn around its business as fewer guests visit its parks. The company sold seven noncore parks to EPR Properties EPR 0.71%increase; up pointing triangle and closed another park in Maryland after the 2025 season.
The context
Jana last fall teamed up with Kansas City Chiefs tight end Travis Kelce for its activist campaign at Six Flags, acquiring a stake of about 9%, valued at $200 million at the time, alongside other investors, The Wall Street Journal reported.
At the time, the activist was pushing Six Flags to make a range of changes including improving its marketing and the experience at its parks and modernizing its technology. It also suggested refreshing leadership and evaluating a potential sale.
Kelce has since agreed to serve as a brand ambassador for Six Flags.
Also last fall, Land & Buildings, an activist focused on real estate, reiterated a previous push for Six Flags to sell or spin out its real estate into a real-estate investment trust.
New York-based Jana, founded by Barry Rosenstein, has had a busy year. The activist investor recently demanded that contact-lens maker Cooper Cos. replace its chief executive and consider selling its core businesses, the Journal reported. Jana earlier this year built a stake in Fiserv and pushed for changes to boost the payments company’s underperforming stock.