Six Flags rises after Reuters reports Jana Partners urges sale

Theme park operator Six Flags Entertainment FUN.N shares climb 2.8% to $16.84 in premarket trading

Activist investor Jana Partners pushed co to explore a sale and replace its board chair, according to a letter reviewed by Reuters

In the letter to the board, Jana cited concerns about the board's ability to "deliver" for shareholders and calls on the company to engage with buyers

The activist investor also said board leadership changes are needed and the co should appoint a new chair, just months after Marilyn Spiegel was named to the role

Jana had unveiled its stake in Six Flags along with its partnership with football star Travis Kelce in October

FUN stock has gained ~6.8% YTD, versus a 2.1% fall for the S&P 500 .SPX

The average rating of 16 analysts on the stock is 'buy', and their median price target of $25.00 implies ~53% upside from the last closing price