With no bidders, Six Flags ends auction

Six Flags Inc., a regional theme park company that had put itself up for sale, said Wednesday it had ended the process after the deadline for bids passed without any offers.

The company also said it had appointed Mark Shapiro as chief executive and president. Shapiro, 35, is chief executive of football team owner Dan Snyder’s Red Zone LLC investment firm, which recently won a shareholder vote ousting three Six Flags board members.

The Six Flags board voted to add as directors Jack Kemp, a consultant and the 1996 Republican candidate for U.S. vice president; Harvey Weinstein, co-chairman of Weinstein Co. and founder of Miramax Films; and Michael Kassan, a brand development consultant and former president of Interpublic Group of Cos.’ Initiative Media Worldwide.

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Six Flags said Shapiro, who until October was an executive at sports programing service ESPN, would focus on implementing new strategies to maximize shareholder value.

“We recognize the company’s significant debt load and the effect that such debt has on any transaction involving the company,” said Snyder, who became chairman of Six Flags earlier this month. “We are committed to bringing the debt load to a more appropriate level.”

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Shapiro steps down as the CEO of Red Zone to take up the new position. He replaces Kieran Burke.

Six Flag put itself up for sale in August. The deadline for offers was on Monday.