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A group that includes activist investors Jan Partners and nfl player travis kels Says it has amassed one of the largest ownership stakes six Flags Entertainment and intends to pressure the company’s leadership on ways to improve the struggling amusement park operator’s business.
Jana said Tuesday that the investor group now has an economic interest of about 9% in Six Flags. The group plans to “engage” with Six Flags management and the board of directors to discuss ways to enhance shareholder value and improve the visitor experience.
shares In Charlotte, North Carolina-based Six Flags rose 17.7% on the news. Shares gained another 5.1% in after-hours trading. Even with Tuesday’s surge, the company’s shares are down about 47% so far this year.
Six Flags reported a loss of $319.4 million for the first half of the year. The company said attendance declined 9% in the three months ended June 29, partly due to poor weather and a “challenging consumer” in most of the markets it serves.
The investor group also includes consumer executive Glenn Murphy and technology executive Dave Habiger.
Kelce, a tight end for the Kansas City Chiefs, said in a statement that he grew up going to Six Flags amusement parks.
He said, “The opportunity to help make Six Flags special for the next generation is one I don’t want to pass up.”