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Comcast Corporation to Acquire Ed Snider’s Stake in Comcast Spectacor
|By Business Wire
|September 22, 2016 02:00 PM EDT
Comcast Corporation announced today it has reached an agreement to
purchase Ed Snider’s 24 percent stake in Comcast Spectacor. Upon
closing, which is expected to occur next month, Comcast will own 100
percent of the company, including the Wells Fargo Center, Spectra
businesses, and the National Hockey League’s Philadelphia Flyers. The
transaction related to the Flyers is subject to the approval of the
National Hockey League, which is expected to consider the matter at its
scheduled Board of Governors’ meeting tomorrow in New York. Mr. Snider,
who was the founder of the Philadelphia Flyers and Chairman of Comcast
Spectacor, passed away after a long battle with cancer in April 2016.
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“Ed was a visionary in the sports and entertainment industry and is
deeply missed,” said Brian L. Roberts, Chairman and CEO of Comcast
Corporation. “He planned for this transition and, thanks to his
thoughtful approach on succession, Comcast Spectacor is in a strong
position. I’m very excited we are able to carry his spirit with us by
bringing the company, its leadership, and its thousands of employees
fully into the Comcast family.”
Mr. Roberts also said, “Dave Scott was hand-picked three years ago by Ed
to lead Comcast Spectacor and has done a terrific job as its President
and CEO. He will continue in that capacity, overseeing all of the
company’s various businesses. Paul Holmgren and Ron Hextall have also
been great leaders of the Flyers and will remain President and General
Manager respectively as the team enters its 50th season. John Page has
done a terrific job as President of the Wells Fargo Center, one of the
premier venues in the country that’s celebrating its 20th year, and will
continue in that role.”
Comcast first acquired majority ownership in Comcast Spectacor in 1996,
and it has diversified into an array of businesses over the past two
decades. That year, the sports complex in Philadelphia was expanded with
the opening of the CoreStates Center (now called the Wells Fargo
Center). Additionally, Comcast Spectacor purchased the NBA’s 76ers,
which it has since sold, and created Comcast SportsNet Philadelphia in
1996. Comcast Spectacor further grew in the ensuing years, entering
arena management in 2000, food services in 2001, automated ticketing in
2003 and concert touring and events in 2015, resulting in the Spectra
businesses it manages today. Xfinity Live!, in partnership with the
Cordish Companies, opened in 2012 and there are plans for additional
development in the sports complex area in the coming years. Four Flyers
Skate Zones have also been established over the years and will continue
to be operated by Comcast Spectacor.
“Comcast Spectacor has had a terrific partnership with Comcast and Brian
for more than 20 years," said Dave Scott, President and CEO of Comcast
Spectacor. "This transition strongly reinforces their confidence in us
and our experienced leadership team. We look forward to building on Ed’s
vision and further growing Comcast Spectacor as a leader in the sports
and entertainment industry.”
The Wells Fargo Center, Spectra, and Philadelphia Flyers will continue
to operate as businesses within Comcast Spectacor. Financial terms of
the transaction were not disclosed.
About Comcast Spectacor
Comcast Spectacor is part of Comcast Corporation, a global media and
technology company that operates Comcast Cable and NBCUniversal.
Headquartered in Philadelphia, Pa., Comcast Spectacor’s three core
businesses are the National Hockey League’s Philadelphia Flyers, the
Wells Fargo Center venue, and Spectra, the expert in hosting and
entertainment through its Venue Management, Food Services & Hospitality,
and Ticketing & Fan Engagement divisions. Visit us at ComcastSpectacor.com, PhiladelphiaFlyers.com and WellsFargoCenterPhilly.com for
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology
company with two primary businesses, Comcast Cable and NBCUniversal.
Comcast Cable is one of the nation's largest video, high-speed internet
and phone providers to residential customers under the XFINITY brand and
also provides these services to businesses. NBCUniversal operates news,
entertainment and sports cable networks, the NBC and Telemundo broadcast
networks, television production operations, television station groups,
Universal Pictures and Universal Parks and Resorts. Visit www.comcastcorporation.com
for more information.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160922006122/en/
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