Activist hedge fund Jana Partners is urging Six Flags Entertainment to hire an investment bank and explore a sale after expressing disappointment with the amusement-park operator’s second-quarter earnings. Six Flags reported a net loss of $202.6 million, compared with $99.6 million a year earlier. The company’s market capitalization stood at approximately $1.2 billion as of Tuesday, while its shares had fallen around 42% over the preceding 12 months. Six Flags is pursuing a turnaround as fewer guests visit its parks, including by divesting seven noncore parks to EPR Properties and shuttering another Maryland location after the 2025 season. Jana entered the company last autumn with a roughly 9% stake alongside co-investors and has previously pressed for operational, technology and leadership changes, as well as a potential sale. Its campaign included a partnership with Kansas City Chiefs tight end Travis Kelce, who agreed to become a Six Flags brand ambassador.