Rogers increases MLSE share

Rogers Communications Inc. is buying out Bell's 37.5 per cent share of Maple Leaf Sports & Entertainment for $4.7 billion, giving it 75 per cent ownership of the sports conglomerate.

Rogers and Bell had held equal shares of MLSE, which owns the NHL Maple Leafs, NBA Raptor, CFL Argonauts, MLS Toronto FC and AHL Marlies.

MLSE chairman Larry Tanenbaum, via his holding company Kilmer Sports Inc., owns a 20 per cent stake in MLSE after selling a five per cent share to OMERS, a Canadian pension fund, in the summer of 2023.

Rogers, which owns Sportsnet, already owns Major League Baseball's Blue Jays and its Rogers Centre home.

The deal, subject to league and regulatory approvals, provides Bell with the opportunity to "renew its existing MLSE broadcast and sponsorship rights long-term at fair market value." This includes access to content rights for 50 per cent of Maple Leafs regional games and 50 per cent of Toronto Raptors games for which MLSE controls the rights.

Rogers said the purchase will not affect its debt leverage "and financing will include private investors.