Major transaction in the world of sports and telecommunications: Rogers buys Bell’s shares in Maple Leaf Sports and Entertainment (MLSE), a Toronto company that notably owns the Maple Leafs in the NHL. The transaction is valued at CAD 4.7 billion.
The news was first reported by specialist media outlet Sportico. Bell later confirmed it in a statement.
Bell held 37.5% of MLSE, as did Rogers. With this transaction, Rogers now owns 75% of the company. The other 25% of the shares is held by Larry Tanenbaum.
In addition to the Maple Leafs, MLSE owns the NBA’s Raptors, MLS’s Toronto FC and the CFL’s Toronto Argonauts. Rogers owns Major League Baseball’s Blue Jays, as well as Rogers Centre and Sportsnet.
“MLSE is one of the world’s premier sports and entertainment companies, and we are proud to expand our ownership of these highly sought-after sports teams. As Canada’s premier communications and entertainment company, competitive sports and live entertainment are core to our business strategy,” said Tony Staffieri, President and CEO of Rogers, in a statement.
Bell said it has retained access to the broadcast rights for Leafs and Raptors games on TSN for the next 20 years under an agreement with Rogers. TSN will also continue to broadcast Argonauts and Toronto FC games.
The company added that it intends to use the proceeds from the sale “to reduce its debt level and focus on its core growth drivers to support its transformation from a telecoms company to a technology services leader.”
“We are proud to have been co-owners of these iconic sports teams, and through this agreement we have ensured that fans can count on Bell’s continued support for their teams. Today’s announcement demonstrates that we are focused on creating the financial flexibility needed to support our transformation and our key growth drivers,” said Mirko Bibic, President and CEO of Bell Canada.
The transaction is expected to close in mid-2025.