PHILADELPHIA (CelebrityAccess) — The Comcast Corporation announced plans to acquire Ed Snider’s 24 percent stake in Comcast Spectacor, bringing the venue management and concert promotion company, including the Wells Fargo Center, Spectra businesses, and the
National Hockey League’s Philadelphia Flyers entirely under the cable giant's control.
Snider, formerly the chairman of Comcast and owner of the 76ers, died in April.
“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.”
Comcast first acquired majority ownership in Comcast Spectacor in 1996, and it has diversified into an array of businesses over the past two decades. That year, the sports complex in Philadelphia was expanded with the opening of the CoreStates Center (now called the Wells Fargo Center). Additionally, Comcast Spectacor purchased the NBA’s 76ers, which it has since sold, and created Comcast SportsNet Philadelphia in 1996. Comcast Spectacor further grew in the ensuing years, entering arena management in 2000, food services in 2001, automated ticketing in 2003 and concert touring and events in 2015, resulting in the Spectra businesses it manages today.
Xfinity Live!, in partnership with the Cordish Companies, opened in 2012 and there are plans for additional development in the sports complex area in the coming years. Four Flyers Skate Zones have also been established over the years and will continue to be operated by Comcast Spectacor. – Staff Writers