Rogers Communications has announced its acquisition of Bell’s 37.5% share in Maple Leaf Sports & Entertainment for $4.7 billion ($3.5 billion U.S.), increasing its ownership of the sports conglomerate to 75%. This deal comes after both companies previously held equal shares in MLSE, which boasts ownership of the NHL’s Maple Leafs, the NBA’s Raptors, the CFL’s Argonauts, the MLS Toronto soccer team, and the AHL minor-league hockey team, the Marlies.
Tony Staffieri, the President and CEO of Rogers, expressed pride in expanding their ownership of these esteemed sports teams. He highlighted the significance of live sports and entertainment in Rogers’ core business strategy as Canada’s leading communications and entertainment company.
With the acquisition, Rogers, already the owner of the MLB’s Blue Jays and the Rogers Centre, solidifies its position as the primary stakeholder in MLSE, surpassing its strategic partnerships with other NHL teams like the Vancouver Canucks, Edmonton Oilers, and Calgary Flames.
The transaction values MLSE at $12.53 billion ($9.2 billion U.S.), and Bell expects it to be finalized by mid-2025. Bell intends to utilize the proceeds from the sale to reduce debt levels and focus on core growth initiatives. TSN, owned by Bell, will continue to broadcast games, securing content rights for the Leaf’s and Raptors’ games for the next two decades through an arrangement with Rogers, pending league approval.
Despite the sale, MLSE chairman Larry Tanenbaum, through Kilmer Sports Inc., maintains a 25% stake in the company. Tanenbaum, a respected figure in sports ownership, has represented both the Raptors and the Leafs at the NBA’s board of governors and the NHL, respectively.
Following the acquisition, MLSE’s President and CEO, Keith Pelley, expressed gratitude towards the ownership groups that have contributed to the organization’s success, emphasizing their commitment to driving a championship mentality across MLSE. The deal marks a significant development within the sports and entertainment industry, signaling a new chapter for MLSE under Rogers’ majority ownership.