Jana Partners presses Six Flags to explore potential sale

Activist hedge fund Jana Partners is urging Six Flags to consider a potential sale of the business, according to the Wall Street Journal. The pressure comes after Six Flags reported a significant net loss of $202.6 million in its second quarter, nearly double the $99.6 million loss from the same period last year. Jana has been an activist investor in Six Flags since last year, advocating for strategic alternatives and improvements in marketing, visitor experience, technology investment, and management changes.

The fund now owns approximately 9% of Six Flags, along with co-investors. Six Flags has been navigating a turnaround amid declining attendance and rising costs, implementing measures such as streamlining its portfolio and closing a Maryland location after the 2025 season. Jana's recent call for an investment bank would provide Six Flags a formal process to assess strategic and financial buyers.

The activist's involvement has also included a unique collaboration with Kansas City Chiefs tight end Travis Kelce, who joined the investor group and became a Six Flags brand ambassador. Jana Partners has pursued similar activist campaigns against other companies, including Cooper Companies and Fiserv.