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

JANA Partners, joined by NFL star Travis Kelce and executives Glenn Murphy and Dave Habiger, has built an approximately 9% economic stake in Six Flags Entertainment, disclosed at the 13D Monitor summit. The position represents roughly a $200 million holding in a company valued at about $2.2 billion. The investor group said it will engage Six Flags’ board to pursue changes to boost shareholder value, including improved marketing, guest experience and technology upgrades, potential leadership refreshes, monetizing underperforming parks and evaluating a possible sale. Kelce framed the move as personal, and the announcement sent Six Flags stock up roughly 15–20% on the day. Jana has already begun activist moves, including adding a Sachem Head executive to the Six Flags board as it seeks to revive performance across the operator’s 42 parks.