Official announcement from Rogers Communications Inc.

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

Sep 18, 2024, 01:16 PM

Rogers Communications Inc. has reached an agreement to acquire Bell's 37.5% stake in Maple Leaf Sports & Entertainment (MLSE) for $4.7 billion Canadian dollars, approximately $3.5 billion USD. This acquisition increases Rogers' ownership to 75% of MLSE, the parent company of the Toronto Maple Leafs, Toronto Raptors, and Toronto FC. The deal positions Rogers as a dominant player in the Canadian sports industry, with substantial control over major sports teams in Toronto. Bell will retain existing broadcast rights for some games, such as 50% of Raptors games. BCE shares indicated higher pre-market after the announcement. Rogers also owns the Blue Jays and their ballpark. Larry Tanenbaum, who has close ties to Toronto FC, is expected to exit MLSE around 2026. Bell and Rogers initially bought their stakes in MLSE in 2011, following the Ontario Teachers' sale of MLSE to the Rogers/Bell consortium in 2012 for $1.32 billion.