Comcast and Harris Blitzer to construct a new stadium for NBA and NHL in South Philadelphia.

• A new arena in South Philadelphia is being built through a partnership between Harris Blitzer Sports & Entertainment and Comcast.
• The NBA's 76ers will grant Comcast a minority stake and naming rights to the future arena as part of the deal.

On Monday, Harris Blitzer Sports & Entertainment and Spectacor revealed a partnership to construct a new arena in South Philadelphia for both the NBA's 76ers and the NHL's Flyers.

Comcast will acquire a minority stake in the 76ers and naming rights to the arena, while also joining HBSE's bid to establish a WNBA team in Liberty City.

Comcast Spectacor is already majority owner of the Philadelphia Flyers.

"From the outset, our vision was to create a project that would revolutionize our city and provide our fans with an exceptional experience," stated HBSE's Josh Harris, David Blitzer, and David Adelman in a statement. "Through our partnership with [Comcast CEO Brian Roberts] and Comcast, we are now able to bring two developments to Philadelphia, resulting in more job opportunities and real, sustainable economic growth."

During a press conference Monday, Philadelphia Mayor Cherelle Parker stated that this has the potential to benefit our city for generations to come.

Disclosure: Comcast is the parent company of CNBC.