Who Owns Six Flags?

Angus G. Wynne Jr., a Texas real estate developer, opened Six Flags Over Texas in Arlington in 1961, naming it for the six flags that had flown over the state through its history. It was among the first regional theme parks built on the Disneyland model but sized for local markets, and it proved the concept that a major park could thrive between the coasts.

The company expanded slowly at first, adding Six Flags Over Georgia (1967) and Six Flags Over Mid-America (1971), then accelerating through a series of acquisitions. Bally Manufacturing bought the chain in 1982, and subsequent ownership changes included a leveraged buyout, a period under Time Warner, and a 1998 purchase by Premier Parks, which adopted the Six Flags name for the entire company.

The acquisition spree loaded the company with debt. Years of aggressive expansion through the 1990s and 2000s left the balance sheet overleveraged, and Six Flags filed for Chapter 11 bankruptcy in 2009, emerging in 2010 under hedge fund control.

The modern era under CEO Jim Reid-Anderson and later Selim Bassoul emphasized season pass pricing, licensing partnerships with DC Comics and Warner Bros. characters, and international franchising attempts in China, Dubai, and Saudi Arabia with mixed results.

In November 2023, Six Flags announced a merger of equals with Cedar Fair, pairing its 20-plus parks with Cedar Fair's flagship portfolio including Cedar Point, Knott's Berry Farm, Kings Island, and Canada's Wonderland. The merger closed July 1, 2024, creating the largest regional amusement park operator in North America under the Six Flags Entertainment Corporation name.

Post-merger results have been challenged: fiscal 2025 revenue reached $3.10 billion but the company posted a net loss of $1.60 billion driven by a $1.5 billion non-cash goodwill impairment, and management has since pursued a portfolio review announced in 2025 to evaluate divesting lower-performing parks.