Rogers Communications has announced its plans to acquire Bell’s share of Maple Leaf Sports and Entertainment (MLSE) for a whopping $4.7 billion. This move will give Rogers full ownership of the sports and entertainment company, which includes the Toronto Maple Leafs, Toronto Raptors, and Toronto FC.
The deal, which is subject to regulatory approval, will see Rogers take over Bell’s 37.5% stake in MLSE. This will make Rogers the sole owner of the company, as it already holds a 37.5% stake, with the remaining 25% owned by Kilmer Sports Inc.
According to Rogers CEO Joe Natale, this acquisition aligns with the company’s long-term growth strategy and will allow them to further invest in the sports and entertainment industry. He also stated that this move will provide Rogers with more flexibility and control over the direction of MLSE.
Bell, on the other hand, has stated that the sale of its stake in MLSE will allow them to focus on their core telecommunications business. They also mentioned that they will continue to be a partner with MLSE through their media rights agreement.
This acquisition is not the first time Rogers and Bell have made a major deal in the sports industry. In 2012, the two companies teamed up to purchase MLSE for $1.32 billion. However, this partnership has not always been smooth sailing, with both companies competing for media rights and viewership.
The sale of Bell’s stake in MLSE is expected to close in the second quarter of 2022. This deal will have a significant impact on the sports and entertainment landscape in Canada, as Rogers will now have full control over three of the country’s most popular sports teams.
In conclusion, Rogers Communications’ acquisition of Bell’s share of MLSE for $4.7 billion marks a major shift in the ownership of one of Canada’s top sports and entertainment companies. This move will undoubtedly have a significant impact on the future of MLSE and the sports industry in Canada.
