Rogers announced Wednesday that it has signed an agreement to purchase Bell’s 37.5% stake in Maple Leaf Sports & Entertainment (MLSE), which owns the NHL’s Maple Leafs.
The transaction is estimated at CA$4.7 billion, it was specified in a press release.
“MLSE is one of the world’s premier sports and entertainment companies, and we are proud to expand our ownership of these highly sought-after sports teams,” said Tony Staffieri, President and CEO, Rogers. “As Canada’s premier communications and entertainment company, competitive sports and live entertainment are core to our business strategy.”
Rogers said it will “invest to host championships in Canada.”
It should also be noted that Sportsnet will continue to broadcast 50% of regional Maple Leafs games and 50% of Raptors games, for which MLSE controls the rights.
Upon closing of the transaction, Rogers will become the principal owner of MLSE with a 75% controlling interest. The deal is subject to league and regulatory approvals.
“More long-term value”
This acquisition adds to Rogers’ current portfolio of sports assets. The company notably owns the Toronto Blue Jays, the Rogers Centre, home to the Blue Jays, and Sportsnet.
“Together with our sports and media assets, we expect to create more long-term value for shareholders,” said Staffieri, who believes that this agreement also provides “long-term assurance that these renowned teams will remain in Canadian hands and will continue to be financed in Canada.”
Rogers also says it maintains strategic partnerships with the Vancouver Canucks, Edmonton Oilers, Calgary Flames and the NHL.
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