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Shareholder seeks control of theme park operator

Thursday, Aug. 18, 2005 | 9:33 a.m.

Daniel M. Snyder, the largest shareholder in Six Flags Inc. and owner of the Washington Redskins football team, is attempting to wrest control of the world's largest regional theme park operator, saying the company is underperforming and management is unresponsive.

Snyder, through his holding company Red Zone LLC, wants shareholders to oust three of seven board members, including Chief Executive Kieran Burke, and replace them with candidates of his choosing, a U.S. Securities and Exchange Commission filing said. He wants to replace Burke as CEO with Mark Shapiro, executive vice president of programming and production for Walt Disney Co.'s ESPN sports cable network.

Shares of Six Flags, which had a market capitalization of $511 million Wednesday, have fallen 76 percent since May 2001.

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