Comcast, the Philadelphia-based cable company, is
negotiating to buy the Flyers, the CoreStates Spectrum, the new
CoreStates Center and the 76ers in a pair of deals valued at
about $500M. If Comcast, the nation's No. 3 cable company and a
"major force" in the cellular phone industry, can complete the
deal, "it might be the largest sports acquisition package in U.S.
history," according to Daughen & Jasner in this morning's
PHILADELPHIA DAILY NEWS. The deal would include buying 100% of
the 76ers from Harold Katz and a majority interest in the Flyers
from Ed Snider. The arenas would initially stay under Snider's
management. The reported price for the 76ers is $125M, while the
Flyers are said to be valued at $85M (PHILADELPHIA DAILY NEWS,
3/15).
SIXERS: The deal "would mark the end" of Katz's ownership
of the 76ers. He bought the team for $12M in '81. It is
possible that "fitness entrepreneur" Pat Croce would invest in
the 76ers and have an "operating role" in the team. Snider could
also become a part-owner of the NBA team (Sokolove & Knox,
PHILADELPHIA INQUIRER, 3/15). One source, on Katz: "Harold has
had it and he wants out. He's made money every year but now he's
tired of it." The talks are described as being at a "sensitive
stage," with another source saying, if Katz thinks Snider is
getting a better deal, "it could cause great complications"
(Daughen & Jasner, PHILA. DAILY NEWS, 3/15). Sources inside the
team say "there would probably be stronger marketing efforts"
under new ownership, with a shake-up expected "up and down the
line" (Radd Cawthon, PHILA. INQUIRER, 3/15).
FLYERS: While Comcast is seeking only a majority interest
in the NHL team, they would retain the right to buy Snider out in
the future. The Snider-owned Spectacor will continue to manage
operations of the two arenas, as well as assuming operational
control of the two teams. Bobby Clarke is expected to stay as
President (PHILA. DAILY NEWS, 3/15).
CABLE LANDSCAPE: There would likely be a new approach to
the way Flyers and 76ers games are televised, with Comcast using
its own programming department to put the games on its local
cable channel. In a separate piece, the DAILY NEWS' Les Bowen
asks, "Where does that leave PRISM?" -- the TCI/Liberty-owned
RSN (PHILA. DAILY NEWS, 3/15). The INQUIRER's Sokolove & Knox
see the deal as fitting into Comcast's goal of "beefing up its
capacity to produce original programming" (PHILA. INQUIRER,
3/15). Telecom analyst Andrew Blau sees the deal as being about
one thing: "content" (Shaun Mullen, PHILA. DAILY NEWS, 3/15).
Comcast bought home shopping channel QVC in '95. Other holding
include E! and The Golf Channel (PHILA. DAILY NEWS, 3/15).
BONUS: The Flyers-owned AHL franchise, which will begin
play in the CoreStates Spectrum next season, will be named the
"Phantoms," according to an announcement by the league. In
addition, former Flyer Bill Barber will move from the front
office of the parent club to become head coach (AHL). Phantoms
Exec VP & COO John Wentzell said the logo, colors and uniform
design will be unveiled in the next few weeks (Gary Miles,
PHILADELPHIA INQUIRER, 3/15).
