Jana Partners teamed up with NFL superstar Travis Kelce and other investors to take a stake in theme park operator Six Flags Entertainment Corp (NYSE:FUN). That stake is worth significantly less than it was when the news broke, leaving investors to wonder whether this will be a fumble rather than a successful activist battle.
Jana’s Six Flags Stake
Jana took an initial stake in Six Flags Entertainment of 4,049,940 shares in the third quarter of 2025. That stake was worth an estimated $117.6 million at the end of the third quarter 2025, out of a total of $200 million invested in the company by the announced group.
Jana, an activist investor, and its partners have pushed for changes at the company.
Six Flags stock had fallen significantly since the merger of the theme park company with its peer, Cedar Fair, in 2024.
Jana and others acquired an estimated 9% stake in the company to push for changes with the board of directors, to push the chairman to leave the company, change financial guidance, and consider a sale of the company or individual assets.
Six Flags separately named Kelce a brand ambassador in March, a 2026 partnership covering social content and the use of his name, image and likeness in broadcast, streaming and in-park marketing.
Success or Failure?
The success or failure of the stake in Six Flags is still too early to tell, as it has been just around a year since the investment stake was announced on Oct. 21, 2025.
Jana was able to get the Six Flags chairman replaced in March 2026. The hedge fund also announced it would apply full pressure on the company to consider a sale. The company has not been sold, but Six Flags sold seven properties for $331 million in March 2026.
Six months later, there are no bidders for Six Flags, and the stock has fallen to near five-year lows, previously set in November 2025.
A look at the one-year chart shows an uptick after the investment stake was announced, followed by a decline to multi-year lows. The stock then traded higher throughout the summer months of 2026, only to fall in recent months.
Six Flags reported second-quarter results last month and missed analyst estimates on both revenue and earnings per share. Attendance fell 7% to 13.1 million visits, though the decline reflected the divestiture of seven non-core parks, one park closure and fewer operating days. On a same-park basis, attendance rose 4%.
The company’s third quarter results, which will include the months of July, August and September, could be key in showing if attendance has improved and if financials are also improving after the asset sales and activist investor push.
Ultimately, Jana Partners will be judged on how the stock has performed, and so far, that is a major miss. Six Flags stock is down 30.3% from the opening price on Oct. 21, 2025, before the stake was announced.
Jana’s stake in Six Flags (4,116,099 shares) was valued at $87.7 million at the end of the second quarter, down from the $117.6 million initial value reported in the third quarter 2025, and that’s even after the company added to its initial stake.
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