Comcast said it has agreed to buy out the remaining 24 percent stake in the joint venture that owns the NHL’s Philadelphia Flyers, as well as the arena the team plays in.
Financial terms weren’t disclosed for the deal, which purchased from the late Ed Snider’s estate the outstanding stake in Comcast Spectacor.
The company’s core assets include the Flyers, the Wells Fargo Center and Spectra, which provides hosting and entertainment services. Forbes values the hockey team alone at $660 million.
“Ed was a visionary in the sports and entertainment industry and is deeply missed,” said Comcast CEO Brian Roberts, in a statement “He planned for this transition and, thanks to his thoughtful approach on succession, Comcast Spectacor is in a strong position.”
The deal, which is subject to National Hockey League approval, is expected to close next month
Snider founded the Flyers as an expansion team in 1967. The team’s popularity and success grew quickly, culminating in a 1974 Stanley Cup Championship.
Prior to the Wells Fargo Center's opening in 1996, Snider sold a 66 percent stake in Spectacor to Philadelphia-based Comcast.
For more:
- read this Comcast press release
- read this Wall Street Journal story
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