- Travis Kelce and Jana Partners have acquired a 9% stake in Six Flags, valued at $200M, aiming to drive major changes at the theme park company.
- The group plans to overhaul Six Flags’ marketing, customer experience, technology, and leadership, with potential for a company sale also on the table.
- Shares of Six Flags surged 18% on the announcement, giving the company a $2.6B market value.
- Kelce, a lifelong theme park fan, brings celebrity attention to the campaign, as activist investors increasingly tap public figures for visibility.
A Star-Studded Stake
NFL superstar Travis Kelce is adding activist investing to his résumé, reports WSJ. The Kansas City Chiefs tight end has joined forces with New York-based hedge fund Jana Partners in a newly revealed campaign targeting Six Flags Entertainment. The group, which also includes other investors, has built a 9% stake in the company, valued at around $200M.
The activist move was unveiled by Jana managing partner Scott Ostfeld during the 13D Monitor Active-Passive Investor Summit on Tuesday. The announcement boosted Six Flags shares 18%, reversing a nearly 50% yearly drop from bad weather and falling attendance.
The Activist Agenda
Jana and its partners see untapped potential at Six Flags, which has struggled to keep pace with rivals. Their stated goals include:
- Revamping marketing strategies
- Enhancing the customer experience
- Modernizing park technology
- Refreshing company leadership
- Exploring a potential sale
Ostfeld said that with Kelce’s backing and cultural influence, there’s an opportunity to “boost park attendance and improve the brand.”
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Kelce’s Role: Fan-Turned-Investor
Kelce, who recently made headlines for his engagement to pop star Taylor Swift, called himself a “lifelong Six Flags fan.” He grew up visiting amusement parks in his native Ohio, like Cedar Point, and has spoken about his love for roller coasters on his “New Heights” podcast, co-hosted with his brother, Jason Kelce.
“The chance to help make Six Flags special for the next generation is one I couldn’t pass up,” Kelce said in a statement.
While Kelce won’t be a board nominee, his public profile is expected to amplify attention around the campaign. This aligns with Jana’s prior strategies involving celebrities like Dwyane Wade and CC Sabathia during a campaign at Freshpet.
A Changing Boardroom
Kelce isn’t the only new face linked to the activist push. Jana’s consortium also includes former Gap CEO Glenn Murphy and Reddit chairman Dave Habiger as potential board nominees.
Six Flags is already in leadership transition. CEO Richard Zimmerman is stepping down by year’s end, and both the executive chairman and lead independent director are also exiting. Other activist firms, including Sachem Head Capital Management and Land & Buildings, have also taken stakes and are pushing for operational and structural changes, including a possible real estate spinoff.
Why It Matters
Activist campaigns like this are increasingly common in consumer-facing companies, especially when paired with celebrity investors. The visibility and cultural reach of a public figure like Kelce can help amplify a brand while pushing for structural change behind the scenes.
Jana has a history of successful activist efforts, including at Whole Foods (prior to its sale to Amazon) and Apple, where it pushed for safer tech for children.
What’s Next
With new leadership on the way and activist pressure mounting, Six Flags could be poised for a significant transformation. Whether that means a sale, a turnaround, or a rebranding with the help of celebrity investors, investors and theme park fans alike will be watching closely.
The ride at Six Flags may just be getting started—this time with Travis Kelce in the front row.
