- Comcast (NASDAQ:CMCSA +0.2%) is buying the 24% of Comcast Spectacor that it doesn't own, which belonged to Ed Snider, the company's former chairrman, and founder of hockey's Philadelphia Flyers team.
- The move means the cableco takes 100% control of Wells Fargo Center and the Flyers, as well as the Spectra businesses. The National Hockey League is meeting tomorrow to sign off on the Flyers portion of the deal.
- Snider passed away after a long battle with cancer in April.
- He "planned for this transition and, thanks to his thoughtful approach on succession, Comcast Spectacor is in a strong position," says Comcast CEO Brian Roberts.
- "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," Roberts said.
- Paul Holmgren and Ron Hextall will remain president and general manager of the Flyers respectively, and John Page will remain president of Wells Fargo Center.
- Comcast had taken a majority stake in the company in 1996.