Jana Partners urged Six Flags’ board Tuesday to hire an investment bank to explore a sale, the WSJ reported, citing people familiar with the matter. Six Flags’ second-quarter net loss was $203 million, and visits fell 7% to 13.1 million.
The loss was more than double the $100 million reported in the same quarter a year earlier; visits were down from 14.2 million. Jana reportedly cited disappointment with the results. Jana and investors including Kansas City Chiefs tight end Travis Kelce acquired a combined stake of about 9% last October, then valued at $200 million. Six Flags shares traded at $12.43 Wednesday, about half their yearly high of nearly $25. The company said it is committed to acting in shareholders’ best interests and values their perspectives; Jana had not responded to The Independent’s request for comment.
Separately, three people who say they suffered major brain injuries while riding the X2 roller coaster at Six Flags Magic Mountain in California sued the operator. Six Flags declined to comment on the pending cases and told local outlet KABC that X2 remains closed; the ride has 360-degree rotating seats and head-first, face-down drops.
