Rogers to become majority owner of MLSE after buying Bell's stake for $4.7B
CBC
Rogers Communications has bought Bell out of its stake in Maple Leaf Sports & Entertainment, the company that owns the Toronto Maple Leafs and Toronto Raptors, for $4.7 billion.
Bell Canada Enterprises (BCE Inc.), which owns 37.5 per cent of MLSE, said in a Wednesday press release that the deal is expected to close in mid-2025.
The company said that it is selling its ownership stake to reduce its debt and "support its ongoing transformation" from a telecommunications firm to a tech company.
Pending approval from each league, Bell Media says it has also secured content rights to the Toronto Maple Leafs and Toronto Raptors on TSN for the next 20 years through a long-term agreement with Rogers.
In addition to the Leafs and Raptors, MLSE owns soccer club Toronto FC and the CFL's Toronto Argonauts.
Rogers and Bell closed a deal to jointly acquire a 75 per cent stake in MLSE in 2012.
Under the new deal, which is subject to regulatory approvals, Rogers will have a 75 per cent majority ownership of the company. MLSE chair Larry Tanenbaum and Ontario Municipal Employees Retirement System (OMERS) own the remaining stake.
"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 CEO and president Tony Staffieri in a statement.
"Together with our sports and media assets, we plan to surface more value for shareholders long-term," said Staffieri. "This agreement also ensures long-term Canadian ownership and investment of these iconic teams."
Mirko Bibic, the CEO and president of BCE Inc., said the company was proud of its time co-owning the sports teams.
He added that "today's announcement demonstrates that we are focused on creating the financial flexibility to support our ongoing transformation and core growth drivers."
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