Jana Partners Urges Six Flags to Explore Company Sale

Jana Partners, an activist hedge fund holding a 9% stake in Six Flags Entertainment, is urging the theme-park operator to hire an investment bank and explore a sale of the company. The push comes after Six Flags reported a second-quarter net loss of $202.6 million, a sharp increase from the $99.6 million loss recorded during the same period last year.

Financial instability has seen Six Flags shares decline approximately 42% over the past twelve months, reducing the company's market capitalization to about $1.2 billion. In an effort to stabilize operations amid falling attendance, Six Flags has already closed a location in Maryland and divested seven noncore parks to EPR Properties.

This demand for a sale follows a broader campaign by Jana Partners to improve the company's performance. The fund previously advocated for technology modernization, improved marketing—which included a partnership with brand ambassador Travis Kelce—and refreshes to the company's leadership.