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Jana Partners Urges Six Flags to Explore a Sale
Jana Partners said Six Flags should hire an investment bank after the company reported a $202.6 million second-quarter net loss and 42% share decline.
- On Tuesday, activist hedge fund Jana Partners urged the board of Six Flags Entertainment Corporation to hire an investment bank and explore a potential sale after citing disappointment with second-quarter earnings.
- New York-based Jana and NFL star Travis Kelce acquired a 9% stake in the operator last October, then valued at approximately $200 million, aiming to modernize technology and improve marketing to boost share price.
- Six Flags reported a second-quarter net loss of $203 million, with guest visits dropping 7% to 13.1 million, while shares have lost around 42% of their value over the preceding twelve months.
- Separately, the operator faces legal trouble after three people sued over alleged injuries on the X2 roller coaster at Six Flags Magic Mountain, with attorney Christopher Bulone noting the ride features "360-degree rotating seats and head-first, face down drops."
- The company previously divested seven noncore parks to EPR Properties and closed a Maryland location to manage its approximately $4.9 billion debt, though the board has currently committed to nothing regarding the sale demand.
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12 Articles
12 Articles
Wall Street JournalReposted by 
BizToc
BizTocActivist Jana Partners urges Six Flags to explore sale
·New York, United States
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The IndependentReposted by 
The Independent (US)
The Independent (US)Hedge fund that teamed up with Travis Kelce to save Six Flags wants to explore a sale
The Kansas City Chiefs tight end and other investors have a 9 percent stake in Six Flags, which has been plagued by low attendance at its parks
·London, United Kingdom
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Travis Kelce’s $200 million Six Flags investment faces a blow as company’s net loss widens to over $202 million days after he was scammed
Travis Kelce, the Kansas City Chiefs’ tight end, has now bounced back on the field after disappointing performances in the last few seasons.
·India
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Coverage Details
Total News Sources12
Leaning Left2Leaning Right1Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
L 29%
C 57%
14%
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