-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FsgBJsxHa+fFoB3DrV96L++qnK5Em9A1h10wKszKWPQLpiyBz2Qc3DpH8D9JUPXP bADTNmFczvpVjJgCqxY9OA== 0000950103-96-000866.txt : 19960513 0000950103-96-000866.hdr.sgml : 19960513 ACCESSION NUMBER: 0000950103-96-000866 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960424 ITEM INFORMATION: Other events FILED AS OF DATE: 19960509 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: COMCAST CORP CENTRAL INDEX KEY: 0000022301 STANDARD INDUSTRIAL CLASSIFICATION: CABLE & OTHER PAY TELEVISION SERVICES [4841] IRS NUMBER: 231709202 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-06983 FILM NUMBER: 96558835 BUSINESS ADDRESS: STREET 1: 1500 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102-2148 BUSINESS PHONE: 215-665-1700 MAIL ADDRESS: STREET 1: 1500 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19102-2148 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 April 24, 1996 ___________________________________________ Date of Report (Date of earliest event reported) COMCAST CORPORATION ___________________________________________ (Exact name of registrant as specified in its charter) PENNSYLVANIA 0-6983 23-1709202 ____________________________ _______________________ _____________________ (State or other jurisdiction (Commission File Number) (I.R.S. Employer of organization) Identification Number) 1500 Market Street Philadelphia, PA 19102-2148 _______________________________________ _________ (Address of principal executive offices) (zip code) (215) 665-1700 ___________________________________________________ (Registrant's telephone number, including area code) Item 5. Other Events In March 1996, Comcast Corporation (the "Company") entered into definitive agreements through which it will ultimately acquire (the "Acquisition") a 66% interest in Philadelphia Flyers Limited Partnership, a Pennsylvania limited partnership ("PFLP"), the assets of which, upon consummation of the Acquisition will consist of (i) the National Basketball Association ("NBA") franchise to own and operate the Philadelphia 76ers basketball team, and related assets (the "Sixers"), (ii) the National Hockey League ("NHL") franchise to own and operate the Philadelphia Flyers hockey team, and related assets, which PFLP currently owns (the "Flyers") and (iii) leasehold interests in and development rights related to the land underlying the CoreStates Spectrum and the CoreStates Center, which are two adjacent arenas located in Philadelphia, Pennsylvania, and other adjacent parcels of land (collectively, the "Arenas"). The remaining 34% of PFLP will be owned by a group (the "Minority Group") represented by Mr. Edward M. Snider ("Snider"), the current majority owner of PFLP and the Arenas. A company owned by Snider will manage PFLP after the consummation of the Acquisition. On April 24, 1996, the Company completed the first step of the Acquisition by purchasing the Sixers from Mr. Harold Katz for $125 million in cash plus assumed net liabilities of approximately $11 million through a partnership controlled by the Company. Mr. Pat Croce owns an indirect minority interest in the partnership that purchased the Sixers. To complete the Acquisition, the Company will contribute its interest in the Sixers and exchange $15 million in cash plus approximately 5.2 million shares of the Company's Class A Special Common Stock (the "Common Stock"), or, at the option of certain members of the Minority Group, 5% convertible preferred stock of the Company (the "Preferred Stock") convertible into approximately 4.2 million shares of Common Stock, or an equivalent combination of Common Stock and Preferred Stock, for a 66% interest in PFLP. At the same time, Snider will cause all of the Minority Group's interests in the Arenas to be contributed to PFLP for a 34% interest in PFLP. In connection with the Acquisition, PFLP will assume the outstanding liabilities relating to the Sixers and the Arenas, including a mortgage obligation of approximately $155 million. The closing of the Acquisition is expected to occur during the second or third quarter of 1996, and is subject to certain approvals, including approvals of the NBA and NHL, and other conditions. The Company used existing cash to purchase its interest in the Sixers and plans to use existing cash to fund the cash portion of its investment in PFLP. The Company anticipates that it will account for its interest in PFLP under the equity method. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. COMCAST CORPORATION Date: May 9, 1996 By /s/ LAWRENCE S. SMITH ______________________________ Lawrence S. Smith Executive Vice President (Chief Accounting Officer) -----END PRIVACY-ENHANCED MESSAGE-----