Rogers Communications has become the majority owner of Maple Leaf Sports & Entertainment (MLSE) after closing a deal to buy Bell Media’s 37.5% stake in the company.
CBC said Rogers now holds a 75% stake in the owner of the Toronto Maple Leafs, Toronto Raptors, Toronto Argonauts and Toronto FC.
The $4.7 billion deal closed after receiving the necessary regulatory and league approvals.
Rogers Chief Executive Tony Staffieri said, “MLSE is one of the most prestigious sports and entertainment organizations in the world and we’re proud to be the majority owner of these iconic sports teams.
“Live sports are a core part of our business and core to the fans who live and breathe every moment.”
Rogers has invested over $15 billion in Canadian sports over the past decade and will continue to invest to bring championships to Canada, the company said.
Edward Rogers, Executive Chair, Rogers, said, “We’re passionate about winning and we’re committed to bringing more championships to fans in Canada.”
The acquisition expands Rogers leadership in Canadian sports, adding to its portfolio that includes the Toronto Blue Jays, Rogers Centre and Sportsnet – the number one sports network in Canada.
The transaction closed effective July 1 after receiving all necessary regulatory and league approvals. The purchase price was primarily funded from revolving bank credit facilities together with cash on hand.
Staffieri added, “MLSE is a valuable and appreciating asset and this investment positions us to unlock more value for Rogers shareholders. We’re building something that lasts – on the ice, on the court, on the field, and across the country.”
Rogers Communications is Canada’s communications and entertainment company. It operates primarily in the fields of wireless communications, cable television, telephony, and Internet with significant additional telecommunications and mass media assets. Rogers has its headquarters in Toronto, Ontario.
Earlier this year, Rogers signed a new 12-year, $11-billion agreement with the National Hockey League for the national media rights for NHL games through 2037-2038. The deal kicks in following the end of its current 12-year deal.
Toronto (Canada)-based Bell Media is Canada’s leading media and entertainment company with a portfolio of assets in premium video, audio, out-of-home advertising, and digital media.
Toronto (Canada)-based Maple Leaf Sports & Entertainment Limited (MLSE) is Canada’s pre-eminent leader in delivering top quality sport and entertainment experiences to its fans.
After its $4.7 billion buyout of Maple Leaf Sports & Entertainment from Bell, Rogers now controls all men’s pro sports in Toronto, including the Toronto Maple Leafs, the Toronto Raptors, the Toronto Argonauts, Toronto FC, and the American Hockey League’s Toronto Marlies.
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