Company Overview - Six Flags Entertainment operates approximately 27 amusement parks, 15 water parks, and nine resort properties across 17 states in the U.S., Canada, and Mexico, providing memorable experiences with coasters, themed rides, and a portfolio of intellectual properties like Looney Tunes and DC Comics [1] Activist Involvement - Jana Partners, an activist investor with approximately 9% ownership, has partnered with notable figures to engage with Six Flags' board and management to enhance shareholder value and improve guest experience [2][3][8] - Jana's strategy includes addressing operational issues and exploring options such as monetizing real estate or selling the company [9] Recent Developments - In November 2023, Six Flags announced a merger with Cedar Fair, which was completed in July 2024, aiming to combine strengths and generate synergies [4] - The merger faced backlash from some investors, particularly due to operational challenges and a significant drop in share price, which fell over 58% post-merger completion [5] Operational Challenges - Six Flags has struggled with severe weather impacting attendance and EBITDA during peak seasons, exacerbating balance sheet issues [5][6] - The company has not effectively integrated consumer-facing technology, operating over 10 different apps, leading to unreliable transactions [10] - There is a need for a more disciplined capital expenditure framework and a reexamination of operating strategies during inclement weather [11] Future Opportunities - Jana believes Six Flags can leverage its real estate for year-round experiences, such as indoor skydiving and trampoline parks, to enhance revenue [12]