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9h ago

Jana Partners, Travis Kelce Take 9% Stake in Six Flags, Set Activist Engagement

The move targets a company coping with steep losses after its merger with Cedar Fair.

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People ride a roller coaster at Six Flags Magic Mountain amusement park in Valencia, California, U.S., April 1, 2021. REUTERS/Lucy Nicholson

Overview

  • The Jana-led group disclosed an approximately 9% economic interest in Six Flags on Tuesday.
  • Members include NFL star Travis Kelce, former Gap chief Glenn Murphy and technology executive Dave Habiger.
  • The investors say they will engage the board to pursue better guest experience and stronger shareholder value.
  • Six Flags shares jumped about 18% on the announcement, though the stock is still down roughly 47% this year.
  • The company has reported a $319.4 million first-half loss and falling attendance and is searching for a new CEO after an August departure announcement.