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).
