The story sounds like something out of Mad Libs: activist investor Jana Partners is teaming up with three-time Super Bowl champion Travis Kelce and executives from Petco and analytics company J.D. Power to put Six Flags back on track.
Jana’s involvement is no joke, though. The New York–based firm intends to “engage with the [Six Flags] board of directors and management regarding opportunities to enhance shareholder value and improve the guest experience,” according to a Tuesday press release.
That includes plans to improve marketing, modernize technology, and explore “strategic alternatives,” a person familiar with the matter tells Front Office Sports. In the corporate world, considering strategic alternatives often signals a potential sale, merger, or other restructuring.
Jana, Kelce, Petco executive chair Glenn Murphy, and J.D. Power vice chairman Dave Habiger own a combined stake of roughly 9% in Six Flags, which trades publicly under the ticker symbol FUN—something investors haven’t been having too much of in recent years.
Shares of Six Flags hit an all-time high of $57.63 in July 2024 when its $8 billion megamerger with rival Cedar Fair was completed. Shares have plummeted by more than 57% since then.
The decline has continued despite Six Flags recently taking steps to try and turn things around, including a board refresh that included the recent departure of two board members and appointment of Jonathan Brudnick, a partner at hedge fund Sachem Head Capital, to its board of directors.
Can Jana, in tandem with Kelce and the other executives, save Six Flags? It’s not impossible. In the past, Jana has successfully lobbied for change at Freshpet, Outback Steakhouse, and other companies. Shares of both Freshpet and Outback’s parent company, Bloomin’ Brands, rose in the wake of Jana announcing its involvement. Following the Jana announcement, shares of Six Flags jumped by 17%.
The firm is viewed as an activist with its heart in the right place, with campaigns focused on finding ways to improve companies and lift all shareholders up.
“Jana is very well respected,” says Jonathan Boyar, president of Boyar Value Group. Boyar has experience with activist campaigns of his own; earlier this year, he launched a high-profile campaign of his own aimed at convincing James Dolan to separate the Knicks from Madison Square Garden Sports.
“They are thoughtful investors,” Boyar says of Jana. “They’re not in it to make a quick buck. They are actually focused on driving long-term, meaningful change.”
Kelce’s involvement might be seen as a publicity stunt, but he isn’t the first athlete Jana has tapped to help with a campaign. When the firm sought change at Freshpet, it worked with former MLB Hall of Famer CC Sabathia and Naismith Memorial Basketball Hall of Famer Dwayne Wade. This also isn’t Kelce’s first foray into the business world. The Chiefs tight end, along with his brother, Jason Kelce, cohost their New Heights podcast and co-own Garage Beer; Kelce also co-founded a Kansas City steakhouse with teammate Patrick Mahomes and is an investor in rowing machine company Hydrow.
Kelce, thanks to his high-profile relationship with megastar Taylor Swift, could have more of an impact than both.
“It’s a brilliant move to bring in Kelce,” says Melinda Roth, a professor at Washington and Lee University School of Law. “The zillions of Swifties may move the needle just like they have started watching and caring about the NFL.”
But the business chosen is in a “tough sector,” she tells FOS, citing aging park rides and competition with other theme park operators like Disney and Universal Studios. Still, Roth adds, Six Flags is “certainly undervalued, which might make the business more attractive.”
