Rogers to become majority owner of MLSE after buying Bell's stake for $4.7B
Companies jointly bought 75 per cent stake in 2012
Rogers Communications has acquired Bell's stake in Maple Leaf Sports & Entertainment (MLSE), the company behind the Toronto Maple Leafs and Toronto Raptors, for $4.7 billion.
Bell Canada Enterprises (BCE Inc.), which previously held a 37.5 percent share of MLSE, announced on Wednesday that the transaction is expected to be finalized by mid-2025. The sale is part of BCE’s strategy to reduce debt and support its transition from a telecommunications firm to a technology company.
Currently, Rogers and Bell share the broadcasting rights for the Leafs and the Raptors. Bell Media has negotiated a long-term, 20-year agreement with Rogers to extend these rights upon their expiration.
Subject to approval from the leagues, Rogers stated that Bell will retain access to content rights for 50 percent of the Maple Leafs' regional games and 50 percent of the Toronto Raptors' games for which MLSE controls the rights.
Besides the Leafs and Raptors, MLSE also owns Toronto FC (soccer), the Toronto Marlies (AHL), and the Toronto Argonauts (CFL).
Rogers and Bell originally acquired a joint 75 percent stake in MLSE in August 2012.
With this new deal, pending regulatory approvals, Rogers will hold a 75 percent majority ownership of MLSE. MLSE chair Larry Tanenbaum retains a 20 percent share and sold a five percent stake to the Ontario Municipal Employees Retirement System (OMERS) in summer 2023.
"MLSE is one of the most prestigious sports and entertainment organizations globally, and we're excited to increase our ownership of these sought-after sports teams," Rogers CEO and President Tony Staffieri said in a statement. "Together with our sports and media assets, we aim to deliver more value to shareholders in the long term. This agreement also ensures sustained Canadian ownership and investment in these iconic teams."
Rogers noted that the purchase will not impact its debt leverage and will involve financing from private investors.
BCE Inc. CEO Mirko Bibic expressed pride in their time co-owning the sports teams and highlighted that the deal underscores BCE’s focus on creating financial flexibility to support its ongoing transformation and core growth areas.
