Jana urges Six Flags board to hire bank, explore sale

Jana Partners urged Six Flags Entertainment’s board to hire an investment bank and explore a possible sale after the park operator reported a second-quarter net loss of $202.6 million, compared with a $99.6 million loss a year earlier.

The activist fund has engaged with Six Flags since last year and built an economic interest of roughly 9% alongside co-investors. Jana previously pushed for operational changes and a formal review of strategic options.

Six Flags has been working through a turnaround as attendance declined and operating costs rose. The company has been trimming its portfolio, selling or planning to sell non-core parks, and announced the closure of a Maryland park after the 2025 season. Management has said it is taking steps to improve guest experience and control costs.

Jana asked that the board appoint an investment bank to run a formal sale review, which would allow strategic and financial buyers to evaluate the company. There is no public indication that Six Flags’ board has agreed to launch a sale process or to engage the bank the investor requested.

Earlier in its campaign, Jana sought upgrades to marketing, investments in technology, improvements to the visitor experience and changes in management. The investor group included NFL tight end Travis Kelce, who later became a Six Flags brand ambassador.

Jana has also pressed other companies in recent months, including Cooper Companies and Fiserv, urging strategic reviews and leadership changes. Market observers will watch whether Six Flags’ board responds, whether advisers are retained and whether a formal sale process begins; any sale would require time for due diligence and negotiations and may not result in a transaction.