Rogers Communications is purchasing Bell’s 37.5% stake in Maple Leaf Sports & Entertainment for $4.7 billion ($3.5 billion U.S.), which will give Rogers 75% ownership of the sports organization.
Previously, Rogers and Bell each held equal shares in MLSE, which owns several teams, including the NHL’s Maple Leafs, the NBA’s Raptors, the CFL’s Argonauts, the MLS Toronto soccer team, and the AHL’s Marlies.
“MLSE is one of the most prestigious sports and entertainment organizations in the world and we’re proud to expand our ownership of these coveted sports teams,” said Rogers President and CEO Tony Staffieri on Wednesday. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.”
Rogers, which owns Sportsnet, also has ownership of Major League Baseball’s Blue Jays and their home stadium, Rogers Centre. After this deal, Rogers will become the largest owner of MLSE.
The sale values MLSE at $12.53 billion ($9.2 billion U.S.), and Bell expects the transaction to be completed by mid-2025. Bell plans to use the money from the sale to reduce its debt and focus on its main growth areas.
Bell, which operates TSN, will still broadcast games and has secured rights for the Leafs and Raptors for the next 20 years through an agreement with Rogers, pending league approval.
MLSE chairman Larry Tanenbaum, through his company Kilmer Sports Inc., owns a 25% stake in MLSE. He has represented both the Raptors and the Leafs in their respective leagues.
Rogers Communications Inc. and Bell reportedly disagreed on the value of a WNBA franchise, with Tanenbaum eventually securing a Toronto team under Kilmer Sports.
“MLSE has been fortunate to have one of the very best ownership groups in sports and entertainment for many years and it has led to MLSE becoming one of the leading organizations in our industry,” said MLSE President and CEO Keith Pelley.
“As an organization, we are grateful for their contributions, and we remain fully focused on our priorities and further driving a championship mentality across MLSE.”
