This article is about the current company following the 2024 merger of Six Flags and Cedar Fair. For the prior history, see Six Flags (1961–2024). For Cedar Fair's history, see Cedar Fair.
Footnotes/references Financials as of December31,2024[update].[b][2]
Six Flags Entertainment Corporation, or simply Six Flags, is an American amusement park company, headquartered in Charlotte, North Carolina, United States. The company owns and operates 41 locations throughout North America, including 26 amusement parks, 15 water parks, and nine resorts. It is the largest regional amusement park operator in North America. Internationally, Six Flags operates Six Flags Qiddiya City in Saudi Arabia.
The company was formed on July 1, 2024, following a merger of equals between longtime competitors Cedar Fair and the former Six Flags company with a total enterprise value of US$8 billion. Upon completion of the merger, former Cedar Fair stockholders held a 51.2% majority stake in the newly formed company, which retained the Six Flags name and Cedar Fair's ticker symbol, FUN, on the New York Stock Exchange.
Six Flags holds exclusive theme park rights to use Warner Bros. intellectual properties such as Looney Tunes and DC Comics in most areas of the United States as well as Mexico, while Peanuts characters are featured at select parks through a separate licensing agreement.[c] The company also implements an expedited queuing system at its parks named Fast Lane. In 2024, Six Flags properties hosted 50.3 million guests, ranking it as the fifth-highest in attendance among theme park companies in the world.[4]
Six Flags Theme Parks originated with the creation of The Great Southwest Corporation by Angus G. Wynne and other investors, who would go on to open the chain's original park, Six Flags Over Texas, in August 1961. After the Pennsylvania Railroad gained a controlling stake in the company's shares, a handful of new parks were constructed, and multiple independently-owned parks were purchased over the following two decades. Following the acquisition of Marriott Corporation's Great America theme park in Gurnee, Illinois, in 1984, Six Flags acquired the rights to feature Warner Bros.' Looney Tunes animated characters at their properties; Time Warner (now Warner Bros. Discovery) subsequently purchased much of the company and was its sole owner from 1993 to 1995. Six Flags Theme Parks, Inc. was later bought out by Premier Parks – an Oklahoma-based real estate firm and theme park chain – on April 1, 1998, for $1.86 billion.[5] Premier began to apply the Six Flags name to several of their existing properties in North America and Europe, eventually fully assuming the brand name in 2000.
Throughout the 2000s, Six Flags began to suffer from growing debt and organizational bloat, eventually resorting to selling off assets like its European parks and Worlds of Adventure in 2004. Some of the company's largest investors grew frustrated with Six Flags and demanded change; Daniel Snyder's Red Zone, LLC successfully gained control of Six Flags' board of directors in 2005 by means of a proxy battle. New management continued to sell off various American amusement park locations throughout 2006–2007, although their cash flow continued to decrease, falling $120 million annually under Red Zone's board. Affected by the 2008 financial crisis and the Great Recession, Six Flags filed for Chapter 11 bankruptcy protection in 2009 but continued to operate the parks as normal. Six Flags re-emerged as Six Flags Entertainment Corp. on May 3, 2010, moving head offices from New York City to Grand Prairie, Texas and allowing lenders to control 92% of the company in exchange for canceling $1.13 billion in debt.[6]
Jim Reid-Anderson was instated as chairman, president and chief executive officer (CEO) on August 13, 2010 and succeeded by Mike Spanos in late 2019. New initiatives were launched to build Six Flags theme parks in global markets; the previously cancelled Six Flags Dubai was revived in 2014 before being called off again in 2018. Six Flags Zhejiang and Six Flags Chongqing both began construction in China before a declining real estate and the collapse of its local investment firm in 2020 forced both projects to be sold on to other developers. The COVID-19 pandemic also hindered Six Flags' operations during 2020, forcing many parks to remain closed for the year. Mike Spanos stepped down in 2021, allowing chairman Selim Bassoul to assume the role of CEO. Seeking reinvention, Bassoul announced a new strategy favoring guest experience over capital investments; this meant raising prices in order to lower daily park crowds, thus improving the park experience for higher-paying guests.[7] The initiative and various comments made by Bassoul proved controversial with shareholders, and was abandoned in November 2022 after park attendance plummeted by 33%.[8][9][10]
Cedar Point's 1978 acquisition of Valleyfair led to the formation of Cedar Fair, L.P. in 1983.
In 1978, the Cedar Point amusement park in Sandusky, Ohio, purchased the Valleyfair amusement park.[11] This led to the formation of Cedar Fair Limited Partnership in 1983—with the "Cedar" derived from Cedar Point and "Fair" derived from Valleyfair. Later, the company went public on April 29, 1987.[12] The company would increase its portfolio through later acquisitions of amusement parks throughout the United States, including Dorney Park (1992),[13]Worlds of Fun (1995),[14]Knott's Berry Farm (1997),[15]Michigan's Adventure (2001),[16] and Geauga Lake (2004).[17] The company additionally gained rights to use Peanuts intellectual properties within its parks in 1997 via its acquisition of Knott's Berry Farm.[18]
Cedar Fair would later acquire Paramount Parks, a subsidiary of the first incarnation of Viacom, on June 30, 2006 for US$1.24 billion; the company had acquired all five theme parks from Paramount Parks on May 22, 2006.[19] Ultimately, Cedar Fair opted out of using Paramount-licensed properties long-term.[20] Soon after, the company would begin to do business as Cedar Fair Entertainment Company.[21] The company would close Geauga Lake in 2007 and faced a failed acquisition attempt by Apollo Global Management in 2010.[22][23]
In 2019, the then-Six Flags company approached Cedar Fair with a cash-and-stock acquisition offer, although it was quickly rejected.[24][25] Then, SeaWorld Entertainment (now United Parks & Resorts) made an unsolicited all-cash bid to buy Cedar Fair for US$3.4 billion in 2022; the offer was rejected two weeks later.[26][27] In order to lower overall corporate debts, the company sold California's Great America in Santa Clara, California, on June 27, 2022, to real estate developer Prologis for US$310 million.[28] By the end of 2022, Cedar Fair reported it had around US$2.2 billion in net debt.[29]
History
Merger
Merger of Six Flags and Cedar Fair
Pre-merger logos of the former Six Flags company and Cedar Fair.
The logo of the newly formed Six Flags following merger completion, used since July 1, 2024.
CopperSteel HoldCo, Inc. (renamed to Six Flags Entertainment Corporation)
Status
Completed
Longtime rivals Six Flags and Cedar Fair announced their merger on November 2, 2023, roughly four years after Six Flags made an unsuccessful acquisition offer for Cedar Fair in 2019. The announcement came at a time when amusement parks struggled to raise attendance after the COVID-19 pandemic, citing the need for financial stability, cost efficiency, and to compete with destination theme parks.[30][31][32] Both companies anticipated US$120 million in cost savings within two years following the merger's completion.[33] Including debt, it would form an enterprise value of US$8 billion, creating a portfolio of 27 amusement parks, 15 water parks, and 9 resort properties, making the newly formed company the largest amusement park operator in North America.[34][35][36]
Described as a "merger of equals",[34] Cedar Fair shareholders would become majority owners, owning a 51.2% stake in the new company, while Six Flags shareholders would own a 48.8% stake. The merger was executed as an all-stock transaction: each Cedar Fair share was exchanged for one share in the new company, while each Six Flags share was exchanged for 0.58 shares.[37][38] It was structured through a newly formed holding company named CopperSteel HoldCo, Inc., which both companies would merge into.[39] Upon completion, CopperSteel HoldCo, Inc. was to be renamed to Six Flags Entertainment Corporation and the companies would trade under Cedar Fair's ticker symbol, FUN, on the New York Stock Exchange.[39]
The board of directors of both companies had approved the merger at the time of initial announcement.[40] The United States Department of Justice (DOJ) launched their antitrust review process of the merger on January 22, 2024, and issued a second request for additional information from both companies.[41][42] Because Six Flags shareholders would hold a minority stake in the new company, approximately 80% of Six Flags shareholders overwhelmingly voted to approve the merger on March 12, 2024.[43][44] The DOJ approved the merger on June 26, 2024, allowing the companies to finalize their merger.[45][46] The merger was completed on July 1, 2024.[47]
Post-merger operations
Significant administrative and financial operations for Six Flags are held in Sandusky, Ohio, inside Cedar Point. These operations are held in the former Cedar Fair headquarters.
After the merger on July 1, 2024, the president and CEO of Cedar Fair, Richard Zimmerman, became president and CEO of the new combined company. Selim Bassoul, the president and CEO of the former Six Flags company, became the executive chairman of the company's board of directors.[34] The combined company's headquarters was relocated to Charlotte, North Carolina, with significant administrative and financial operations based at Cedar Fair's former headquarters in Sandusky, Ohio.[35] Six Flags clarified at the time of merger that the company did not anticipate making any major changes at the park-level and that all properties would retain their pre-merger names.[47] Stocks for both Cedar Fair and the former Six Flags company ceased trading on the New York Stock Exchange, and the newly formed entity commenced trading on July 2, 2024 under the ticker symbol FUN.[48]
In late-2024, Six Flags outlined plans for a portfolio optimization in the company, which may include closing or selling off some of its locations.[49] The company filed plans with the United States Securities and Exchange Commission (SEC) on December 17, 2024, that it would acquire the remaining limited partnership units of Six Flags Over Georgia, Hurricane Harbor Atlanta, and Six Flags White Water by January 12, 2027. The transaction would cost US$332.6 million, and would increase Six Flags' ownership of the three parks from 31.5% to full ownership.[50] On February 10, 2025, Six Flags and Qiddiya Investment Company announced that it had signed an agreement that would make Six Flags the operator for the upcoming Six Flags Qiddiya City theme park in Riyadh Province, Saudi Arabia, in addition to developing and licensing the Six Flags brand for the park. The theme park, originally announced in 2018 under the former Six Flags company, was slated for a late-2025 opening.[51][52]
On May 1, 2025, the company announced it would permanently close the Six Flags America theme park and its accompanying water park, Hurricane Harbor Maryland, in Woodmore, Maryland. The company cited that the park were "not a strategic fit with the company's long term plan," and that the property would be redeveloped.[53] Hurricane Harbor Maryland closed on September 6, 2025, and Six Flags America closed on November 2, 2025.[54][55] In late-May 2025, Six Flags announced plans to reduce 10% of its full-time employees, equating to approximately 500 employees.[56] The layoffs included eliminating the park president role at all of their 27 amusement parks as the company moved to a regional operating structure, completing these layoffs by June.[57]
Both initial post-merger executives would step down in the later half of 2025, with Six Flags announcing on August 6, 2025, that Zimmerman, president and CEO of the company, would step down.[58][59][60] Later, on October 10, 2025, it was announced that Bassoul, executive chairman, would step down by the end of 2025, but would stay to consult for the upcoming Six Flags Qiddiya City.[61]
Six Flags Qiddiya City opened on December 31, 2025.[64] The company announced on January 5, 2026, that it did not intend to acquire its remaining stake in Six Flags Over Texas, citing "the contractual terms do not currently align with [its] capital allocation priorities."[65]
Properties
1000km 621miles
Interactive map of all Six Flags parks located in North America.
500km 311miles
Interactive map of Six Flags Qiddiya City in Saudi Arabia.
As of January2026[update], Six Flags operates 42 parks: 27 amusement parks and 15 separately gated water parks. The company fully owns 26 of these properties.[2]
Acquired by Cedar Fair following the 2006 purchase of Paramount Parks. Land owned by Prologis; the park is planned to close no later than 2033 after the sale of its land in 2022.[66]
The first theme park built by former Six Flags. The park is partly owned by a limited partnership and is majority-owned, managed, and operated by Six Flags.[2]
Most Six Flags water parks are organized into three water park brands:
Hurricane Harbor — Caribbean-themed water parks, either standalone or included with an amusement park
Schlitterbahn — Texas-based water parks that operate as standalone properties
Soak City — Water park brand with admission typically included with an adjacent amusement park
Located in amusement parks
The following water parks that are within an existing theme park are not counted as separate properties, and are instead considered part of its connected theme park.[73]
Acquired by former Six Flags alongside Frontier City. Owned by EPR Properties; operated by Six Flags.
Standalone gate or property
The following water parks that are a standalone admission or property are counted as a separate park by Six Flags, and is included in their overall water park count.[73]
Located about 15 miles from Six Flags Over Georgia. Owned under the same limited partnership as its sister park but operated by Six Flags. Six Flags will take on full ownership of the park beginning in 2027.[76]
Located across from Six Flags Darien Lake, existing prior to the park's construction. The complex contains a hotel that opened in 1998, a campground with cabins, guest houses and rentable RVs; Darien Square and Darien Lake Performing Arts Center.
With the exception of John Reilly, all current executives previously held their roles at Cedar Fair prior to the 2024 merger. As of January3,2026[update], the current Six Flags executive team consists of:[85]
Six Flags is primarily owned by institutional investors. As of September30,2025[update], aggregate institutional holdings were reported at approximately 109.71% of shares outstanding. The ten largest shareholders are:[86]
Throughout the post-merger process in 2025, Six Flags reported financial losses; in the Q2 of 2025, the company attributed their net loss of US$100 million to poor weather.[87] Following the release of these results, S&P Global Ratings downgraded the issuer credit rating of Six Flags from "BB" to "BB-."[88] In the Q3 of 2025, the company recorded an impairment charge of US$1.5 billion, which dropped the value of the company's overall assets from US$9.5 billion (Q2 of 2025) to US$7.9 billion. As a result of the impairment charge, the company reported a net loss of US$1.2 billion for the Q3 of 2025.[89]
In April 2025, Six Flags launched their first post-merger national brand campaign "We're Serious About Fun." The new ad campaign introduces a new mascot character, the Funsultant, known for deadpan delivery. It was developed by the creative agency The Marketing Arm (TMA), and was launched for television, digital, out-of-home, social media and email.[90]
Six Flags currently holds theme park rights to two intellectual properties: Warner Bros. and Peanuts. The company's agreement with Warner Bros. grants access to use Looney Tunes and DC Comics properties at their theme parks in North America, with the exception of the Las Vegas metropolitan area and Florida.[2] The Peanuts intellectual properties are licensed for use in the United States and Canada at select legacy Cedar Fair parks only;[c] Six Flags renewed their licensing agreement with Peanuts Worldwide through 2030.[91]
Fast Lane is an expedited queue system in use at Six Flags parks. For an increased cost, visitors get a wrist band which gives them the ability to wait in a shorter queue for most attractions. There is also Fright Lane, which is Fast Lane for the haunted attractions during the Halloween events.[98]
Originally a Cedar Fair product, it was first announced for Kings Island on July 18, 2011, before it was rolled out to all Cedar Fair parks for the 2012 season.[99][100] Following the 2024 merger, all legacy Six Flags parks transitioned to Cedar Fair's Fast Lane system in January 2026, replacing the virtual queuing system The Flash Pass.[101]
↑Merritt, Christopher, and Lynxwiler, J. Eric. Knott's Preserved: From Boysenberry to Theme Park, the History of Knott's Berry Farm, pp. 156–60, Angel City Press, Santa Monica, CA, 2010. ISBN978-1-883318-97-0.
↑O'Brien, Tim (October 2015). Dick Kinzel Roller Coaster King of Cedar Point Amusement Park. Nashville, TN: Casa Flamingo Literary Arts. p.23. ISBN978-0-9743324-6-8.
↑"Season Pass Frequently Asked Questions". Six Flags. Archived from the original on December 22, 2025. Retrieved December 21, 2025. At Legacy Six Flags parks, THE FLASH Pass program, and associated all season products, will be retired at the end of 2025 and transitioned to Fast Lane.
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US$2.71 billion (2024)
US$−0.231 billion (2024)
