Comcast buys late Ed Snider's 24% stake in the Philly Flyers' parent, Comcast Spectator

Wells Fargo Center (Credit: PHL Approach/Wikimedia Commons)

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. 

Sponsored by Google Cloud

Webinar: Remote Post Production In The Cloud

Video production companies across the world have traditionally been tethered to physical facilities, but with the advent of covid-19, remote post production capabilities are more important than ever. Join this webinar to learn more about how video producers can utilize Google Cloud infrastructure, along with partner applications, to develop a remote post production suite that brings your artists and editors together, no matter where they are.

“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

Related articles:
Comcast gets checked by Ad Bureau for ‘We built this thingy’ commercial
Comcast to launch wireless service by the middle of 2017
Comcast, Charter, AT&T lament app-based set-top proposal they lobbied for, call it regulatory over-reach

Read more on

Suggested Articles

Synamedia is introducing Iris, a new addressable advertising solution aimed at pay TV operators and broadcasters along with OTT and hybrid providers.

Locast, a free streaming app for local broadcast television, has added Minneapolis and St. Paul to the list of cities that can access its service.

Disney’s stake in fuboTV hits the books not long after the company reached a distribution deal with fuboTV.