Rogers Communications (RCI.B) is taking control of Maple Leaf Sports & Entertainment in a deal valued at $4.7 billion.
Rogers is buying BCE’s (BCE) 37.5% share of the sports conglomerate, a move that will leave Rogers with 75% control of the company that owns the Toronto Maple Leafs and AHL affiliate Marlies hockey teams, Raptors basketball team, Argonauts football team, and Toronto FC soccer club.
Holding company Kilmer Sports owns the remaining 25% of Maple Leaf Sports & Entertainment.
Rogers, which owns the Sportsnet television network, already owns Major League Baseball’s Toronto Blue Jays and its stadium called the “Rogers Centre.”
The sale, which is expected to close in mid-2025, values Maple Leaf Sports & Entertainment at $12.53 billion.
BCE, which owns Bell Media, said it plans to use proceeds from the sale of its stake in Maple Leaf Sports & Entertainment to reduce debt.
Under the arrangement, BCE, which owns the TSN television network, will continue to air games of the various Toronto professional sports teams.
BCE said in a statement that it has broadcast rights for the Toronto Maple Leafs and Raptors games for the next 20 years.
The stock of Rogers Communications is down 13% this year and trading at $54 per share. Over the last five years, the company’s stock has declined 19%.
