Comcast Corporation announced on Sept. 22 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. As it pertains to the Flyers transaction, the NHL's board of governors approved the deal unanimously on Sept. 23. 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.
"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."