JANA, Kelce Acquire 9% Six Flags for $200M

JANA Partners, joined by NFL star Travis Kelce and executives Glenn Murphy and Dave Habiger, has acquired roughly a 9% economic stake in Six Flags — about $200 million — and plans to press the company’s board and management for operational, marketing and strategic changes. The investor group said it will engage leadership, potentially nominate board candidates, and push for improvements ranging from guest experience and technology upgrades to monetizing underperforming parks and evaluating a possible strategic sale. Six Flags, owner of roughly 40–42 parks including Cedar Point and Kings Island, has faced declining attendance, weather disruptions and reported a roughly $319 million net loss in H1 2025; its shares jumped about 17–18% after the investment was announced. Kelce, a Cleveland-area native and self-described lifelong Six Flags fan, framed the move as both personal and strategic, saying he hopes to use his profile to boost visibility and attendance. The campaign adds celebrity marketing power to JANA’s activist playbook as it seeks to revive performance across the operator’s parks and improve long-term shareholder value.