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Comcast Corporation (CMCSA - Free Report) has agreed to take over a 24% stake in sports and entertainment company Comcast Spectator which originally belonged to the latter’s Chairman, Ed Snider. With the purchase, Comcast will gain full control over Comcast Spectator.

Notably, Comcast Spectator owns the ice hockey team Philadelphia Flyers, the Well Fargo Center and the Spectra hospitality business. The financial details of the transaction were not disclosed. Notably, Comcast acquired a stake in Comcast Spectator in 1996 and has diversified into a number of businesses over time.

Recent Events

Recently, Comcast has been dominating the headlines since it decided to enter the U.S. wireless market, beginning mid-2017. The company will use its Wi-Fi hotspots to expand the network. Additionally, it will invoke the Mobile Virtual Network Operator (MVNO) agreement with Verizon where the cable giant will lease Verizon Communication Inc’s (VZ - Free Report) airwaves to provide a cellular network where its Wi-Fi services are not available.

Meanwhile, Comcast is actively participating in Federal Communications Commission’s (FCC) ongoing 600 MHz low-band spectrum auction. Moreover, the venture into the wireless space will allow Comcast to expand its Internet TV service. Interestingly, soon after this announcement, Comcast’s immediate rival, Charter Communications Inc. (CHTR - Free Report) announced plans to venture into the wireless space.

Also, Comcast announced plans to rollout of Netflix Inc.’s (NFLX - Free Report) app in its cable set-top box system, X1. Comcast also intends to integrate Netflix into the X1 system, featuring voice controls and search results among other things.

Comcast currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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