Travis Kelce (Getty Images)
Six Flags is facing a fresh challenge after an investor group that includes Travis Kelce pushed the theme park company to consider a possible sale. The move comes as the operator deals with heavier losses, fewer visitors and pressure on its stock price. Jana Partners, which joined Kelce and other investors in taking a stake in Six Flags, is now seeking action from the company’s board. The request followed disappointment over the company’s latest financial results, which showed how difficult the current environment has become for the theme park operator.
The development marks a sharp turn from the group’s earlier effort to help strengthen the parks and improve their appeal to families. Jana Partners reportedly contacted Six Flags’ board on Tuesday and asked it to bring in an investment bank to examine a potential sale.
Six Flags posted a $203 million net loss for the second quarter, more than double the $100 million loss recorded during the same period a year earlier. The company reported 13.1 million guest visits, down about 7% from 14.2 million visits in the comparable period. Jana Partners and fellow investors, including Kelce, acquired a combined stake of around 9% in Six Flags last October. Their investment was valued at roughly $200 million at the time.
When the investment was announced, Kelce shared his excitement about helping shape the company’s future. Attendance also fell. Kelce’s connection to Six Flags goes beyond his investment. The Kansas City Chiefs star has long had an attachment to Cedar Point in Ohio, a park he visited while growing up.
Jana had previously focused on improving the company’s marketing and customer experience while also considering strategic options that could increase shareholder value.