Comcast To Buy Ed Snider's Stake In Comcast Spectacor

(RTTNews) - Comcast Corporation announced 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. Financial terms of the transaction were not disclosed.

The transaction related to the Flyers is subject to the approval of the National Hockey League, which is expected to consider the matter at its scheduled Board of Governors' meeting tomorrow in New York. 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.

The Wells Fargo Center, Spectra, and Philadelphia Flyers will continue to operate as businesses within Comcast Spectacor.