Six Flags to amp up media, sponsorships |
|
|
|
Published
:
Tue, 27 Mar 2007 21:39
|
NEW YORK (AP) - Theme-park operator Six Flags Inc. said in a regulatory filing on Tuesday it plans to increase its media budget and pursue more sponsorships in order to increase profits.Six Flags Inc. has been struggling with falling attendance and a large debt load. In January, it said it would sell seven of its 30 North American parks, including one in Western Washington, for $312 million to reduce debt.In March, the company posted a fourth-quarter loss, as higher per capita revenue was offset by a decline in attendance.In Tuesday's filing with the Securities and Exchange Commission, the New York-based company said it plans a 'substantial' increase in its media budget to $84.2 million to help drive attendance, compared with $59 million in 2006. Six Flags plans to double its domestic TV presence and spend more on radio and outdoor advertising.The company also wants to increase its sponsorships to $38 million and expand corporate alliances. It said it already had $33 million in corporate alliances with Nintendo, Heinz, Chase, Sara Lee and Johnny Rockets.The filing was related to a presentation that President and Chief Executive Mark Shapiro gave at a Lehman Brothers conference.Six Flags shares fell 6 cents to close at $6.07 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Six Flags, Sara Lee enter alliance 