Jana Partners Urges Six Flags to Explore Sale, WSJ Reports

Seeking Alpha··US·Read original
3▲1 ▼0Impact / 5
Summary · why it matters

Activist hedge fund Jana Partners is pushing Six Flags Entertainment's board to immediately hire an investment bank to explore a sale, according to a Wall Street Journal report. Shares of the theme park operator jumped 5.4% after-hours Tuesday on the news. Jana was disappointed in Six Flags' Q2 earnings, which included a net loss that widened to $202.6M from a loss of $99.6M in the year-earlier quarter, and the company's shares are down 42% in the past 12 months. Last fall, Jana and other investors, including football player Travis Kelce, together acquired a roughly 9% stake in Six Flags valued at the time at about $200M, and have pushed for changes such as improving marketing, modernizing technology, and refreshing leadership. Also last fall, real estate activist Land & Buildings reiterated a previous push for Six Flags to sell or spin out its real estate into a real estate investment trust.

Impact on assets 1

Consumer Discretionary▲ · 1 stocks

Off-coverage companies 2

JANA PartnersPrivate± Mixed
relevance

Jana Partners is the activist pushing for the sale, but the news is about its target Six Flags, not a direct financial impact on Jana.

Land & BuildingsPrivate± Mixed
relevance

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