Jana Partners Opens $92 Million Six Flags Entertainment Position: Will Investors Have FUN Buying the Stock?

Group 1 - JANA Partners has initiated a new equity stake in Six Flags Entertainment Corporation, purchasing 4,049,940 shares valued at approximately $92.01 million, representing 4.45% of the fund's reported U.S. equity assets [2][3] - As of November 14, 2025, Six Flags shares were priced at $14.60, reflecting a 69% decline over the past year and underperforming the S&P 500 by 81 percentage points [3] - Six Flags Entertainment operates regional amusement and water parks across 17 states and three countries, leveraging branded attractions to drive attendance and ancillary spending [5][7] Group 2 - The company reported a total revenue of $3.14 billion and a net income of -$1.75 billion, with a market capitalization of $1.48 billion as of November 14, 2025 [4] - Following the acquisition of Cedar Fair in 2024, Six Flags' stock has dropped from $50 per share to approximately $15, attributed to merger difficulties and higher-than-expected capital expenditures [9][10] - Despite challenges, Six Flags generated $270 million in free cash flow in 2022, indicating potential for over $400 million in free cash flow in the long term if the merger stabilizes [11]