Comcast Corporation to Acquire Ed Snider’s Stake in Comcast Spectacor
September 22 2016 - 02:00PM
Business Wire
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
more information.
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.
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Comcast CorporationJohn Demming,
215-286-8011john_demming@comcast.comorComcast SpectacorIke Richman,
215-389-9552irichman@comcast-spectacor.com
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