Rogers Acquires Bell’s Stake in MLSE for $4.7 Billion, Seizing Control of Toronto Sports Empire
In a landmark deal reshaping the sports and media landscape in Canada, Rogers Communications Inc. has acquired BCE Inc.’s 37.5% stake in Maple Leaf Sports & Entertainment (MLSE) for a staggering $4.7 billion. This strategic move elevates Rogers to a commanding 75% majority ownership in MLSE, positioning the telecom giant as the dominant player in the country's premier sports and entertainment conglomerate.
This transaction, which values MLSE at an impressive $12.5 billion, marks a significant shift in the ownership dynamics of one of the most valuable sports properties globally. The deal also underscores a new chapter for Edward Rogers, the executive chairman of Rogers Communications, who has long aspired to consolidate control over Toronto’s major sports franchises. His vision is now closer to reality with Rogers holding the lion's share of MLSE.
The sale concludes over a decade of joint ownership between Bell and Rogers, which has seen the telecom giants share control of MLSE’s high-profile assets, including the Toronto Maple Leafs, Toronto Raptors, Toronto FC, and the Toronto Argonauts. This deal will also ensure that Bell Media retains broadcasting rights for the Maple Leafs and Raptors on TSN for the next 20 years. The arrangement, pending league approvals, allows TSN to continue its coverage of these teams, while Bell will maintain its role as the official telecom sponsor for the Raptors, Argonauts, and Toronto FC.
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BCE’s decision to sell its stake is driven by a strategic shift towards enhancing financial flexibility. The proceeds from this sale will be directed towards reducing debt and supporting Bell's ongoing transformation into a tech-focused entity. BCE’s president and CEO, Mirko Bibic, emphasized that this move aligns with the company's goals of strengthening its balance sheet and focusing on core growth drivers.
Rogers, already the owner of the Toronto Blue Jays and their stadium, the Rogers Centre, is expected to further integrate its sports assets. The purchase of MLSE is part of a broader strategy to merge sports content with media and telecom services, potentially leading to the creation of a new trust or spin-off that could enhance shareholder value in the future.
Toronto billionaire Larry Tanenbaum, who owns a 20% stake in MLSE through Kilmer Sports Inc., will maintain his position, though Rogers and BCE had previously held the option to buy out his stake by July 2026. The deal also opens the door for Rogers to potentially acquire Tanenbaum’s remaining share in the near future.
As Rogers takes full control, the future of key MLSE figures such as Raptors president Masai Ujiri and Maple Leafs president Brendan Shanahan is now under scrutiny. Ujiri, a prominent figure in Toronto sports, has been a pivotal force behind the Raptors’ 2019 NBA championship. His contract, which expires in June 2026, and Shanahan’s current deal are likely to be areas of focus for Rogers as it seeks to shape the future of MLSE’s sports operations.
This acquisition reflects a broader trend in the sports industry, where franchise values continue to soar, evidenced by recent record-setting sales of teams in various leagues. As Rogers integrates its new assets, the implications for both the sports landscape and media rights will be closely watched, promising a dynamic future for Toronto’s sports scene.
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