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FLYERS OWNER SNIDER COULD REAP $40M BONUS IN COMCAST DEAL
Published March 19, 1996
Because of the "attractiveness" of an over-arching deal for the Flyers, Sixers, CoreStates Spectrum and CoreStates Center, Comcast agreed to set the value at $500M, about $40M more than the value of the individual parts. In Philadelphia, Joseph Daughen reports that Flyers Owner Ed Snider is seeking that $40M as a "premium" for putting the package together. Snider reportedly is looking forward to no longer having an interest in the team or arenas. However, sources tell the DAILY NEWS that the $40M premium "is the tricky part," as 76ers Owner Harold Katz "is going to want his share of that money." The source added, "Anytime you have anything involving Ed Snider and Harold Katz, it has the potential to blow up" (PHILADELPHIA DAILY NEWS, 3/18). In a separate piece, Phil Jasner notes a 76ers sale could please NBA officials, as some suggest the team :hasn't kept pace with its brethren in the marketing and promotion departments" (PHILADELPHIA DAILY NEWS, 3/18). It is possible the deal "could be wrapped up this week" (Sokolove & Rozansky, PHILADELPHIA INQUIRER, 3/19). THE TV STORY: In today's INQUIRER, Mike Bruton notes Comcast wants the teams "for programming so it can get some elbow room just like Turner Sports used the Braves and Hawks to expand." Bruton also notes Phillies Owner Bill Giles has been "talking to Comcast for some time" about joining the Flyers and Sixers on a cable sports channel. There is "angst" at local RSN, Prism, which is owned by SportsChannel Philadelphia, as Prism currently televises all of Sixers and Flyers home games, and several road games. Bruton: "A new sports cable outlet would leave Prism with a bunch of old movies." One "optimist" at Prism said Comcast "might swallow up the entire Prism operation" (PHILADELPHIA INQUIRER, 3/19). Comcast stock rebounded from Friday, as shares rose $.25 to $18.375 (PHILADELPHIA INQUIRER, 3/19).