Rogers Acquires Bell's 37.5% Stake in MLSE for $4.7 Billion, Gains 75% Control of Maple Leafs and Raptors

Sep 18, 2024, 03:18 PM

Rogers Communications Inc. has announced a deal to acquire Bell's 37.5% stake in Maple Leaf Sports & Entertainment (MLSE) for CA$4.7 billion (approximately US$3.5 billion). This acquisition will increase Rogers' ownership to 75%, giving it majority control over MLSE, which owns prominent sports teams including the Toronto Maple Leafs, the Toronto Raptors, and the Toronto Blue Jays. The deal, which is expected to close next year, marks a significant shift in the Canadian sports landscape. Bell will retain some existing broadcast rights, including 50% of Raptors games. The transaction values MLSE at approximately CA$9.33 billion. Rogers' expanded control is expected to have major ramifications for Canadian sports, particularly in terms of broadcasting and team management. Larry Tanenbaum, who has had close ties to Toronto FC, is expected to exit MLSE around 2026. Rogers and Bell initially acquired their stakes in MLSE in 2011, following the sale by Ontario Teachers' Pension Plan in 2012. Edward Rogers will now have full control over the city's major sports teams.