Comcast Buys Out Stake in Hockey Team -- WSJ
September 23 2016 - 3:03AM
Dow Jones News
By Ezequiel Minaya
Comcast Corp. said Thursday that it agreed to buy out the
remaining 24% stake of the joint venture that owns the Philadelphia
Flyers hockey team and the arena in which it plays.
Financial terms weren't disclosed. Comcast is purchasing the
stake in Comcast Spectacor that was owned by the recently deceased
founder of the Flyers hockey team, Ed Snider. Forbes magazine has
calculated the Flyers value at $660 million.
Comcast Spectacor's core businesses are the Flyers, the Wells
Fargo Center venue and Spectra, which provides hosting and
entertainment services.
The deal is expected to close in October. The portion of the
transaction involving the Flyers will require approval of the
National Hockey League, which is expected to consider the matter on
Friday.
Comcast said Thursday that the leadership of Comcast Spectacor,
the Flyers and Wells Fargo Center would remain in place. Comcast
first acquired majority ownership in Comcast Spectacor in 1996.
Mr. Snider, a beloved figure in Philadelphia, brought NHL hockey
to Philadelphia in 1967 and won Stanley Cup championships in 1974
and 1975. He died in April at age 83 after a fight with cancer.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
September 23, 2016 02:48 ET (06:48 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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