Jana Partners Pushes Six Flags to Consider Sale Amid Financial Struggles
Activist hedge fund Jana Partners is urging Six Flags Entertainment Corp (NYSE: SIX) to hire an investment bank and explore a potential sale, citing disappointment with the company's recent financial performance. In its second-quarter report, Six Flags revealed a net loss of $202.6 million—more than double the previous year’s loss—and has seen its stock price drop by 42% over the past twelve months as guest numbers decline and restructuring efforts continue. Jana Partners acquired an approximate 9% stake in Six Flags last autumn, worth around $200 million at that time. The firm previously advocated for improvements to marketing strategies, park experiences, technology upgrades, leadership changes, and a potential sale of the company. As part of its campaign, Jana also partnered with Kansas City Chiefs tight end Travis Kelce as a brand ambassador. Jana has been active in other investments this year, including campaigns at Cooper Companies (NYSE: COO) to replace its CEO and consider selling core businesses, and an investment position in Fiserv Inc. (NASDAQ: FISV).
Topics: activist investor corporate restructuring market performance sale proposal