Rogers Communications has signed an agreement to buy Bell’s 37.5% ownership stake in Maple Leaf Sports & Entertainment (MLSE) for C$4.7 billion. MLSE owns the Toronto Maple Leafs, Toronto Raptors, Toronto FC, Toronto Argonauts, Toronto Marlies of the American Hockey League, the NBA G League Raptors 905, MLS Next Pro team TFC II, and the Raptors Uprising Gaming Club, the Toronto Raptors esports franchise in the NBA 2K League. It also owns and operates Toronto’s Scotiabank Arena and has invested in and operates five other Toronto sports facilities. Rogers and Bell have had a combined ownership position in MLSE since 2012. When the transaction closes, subject to league and regulatory approvals, Rogers will gain a 75% controlling interest in MLSE. The deal provides Bell with the opportunity to renew its existing broadcast and sponsorship rights longterm. Read more here.
Morningstar DBRS has downgraded Corus Entertainment’s credit rating, placing its senior unsecured notes in the “CCC” category, denoting speculative or junk grade, and a high level of default risk. Its recovery rating was also downgraded to RR5 from RR4 as the global credit rating agency continues to express concerns about the company’s liquidity position. The agency says those concerns, in part, are based on the higher seasonal working capital required to secure programming for the upcoming season and continued pressure on operating results, reflecting “secular headwinds” or a dampened environment for long-term growth. Corus announced earlier this month, it had amended its credit agreement in the face of more than $1 billion in outstanding debt, securing a 4.75 debt to cash flow ratio extension with its bank group until mid-October. Read more here.
Telesat Lightspeed has received a $2.14 billion loan from the federal government to expand internet and 5G network access using space-based technology. Lightspeed is being billed as Canada’s largest ever space program, supporting 2,000 jobs across the country through Telesat and its supply chain, including satellite contractor MDA Space, which is best known for developing the Canadarm technology, used by the Canadian Space Agency. Low-Earth-orbit (LEO) satellite networks operate 35 times closer to the Earth than traditional telecommunications satellites, taking less time to send and receive information. The program is already underway, with the first of an initial 198 low-Earth-orbit satellites scheduled to launch in 2026, accelerating the federal government’s pledge to connect all Canadians to high-speed internet by 2030. Read more here.
CBC/Radio-Canada will welcome executives from around the world to Ottawa-Gatineau. Oct. 8–10. for the 2024 Public Broadcasters International conference (PBI Ottawa 2024). Over three days, participants will discuss how to tackle the challenges facing public media, including the rise of artificial intelligence, the proliferation of disinformation, the fragmentation of audiences in the era of global digital streamers and social media platforms, and threats to public broadcasters’ long-term sustainability. The conference kicks off with a full day devoted to public media and Indigenous stories, including a panel featuring CBC/Radio-Canada President Catherine Tait, APTN CEO Monika Ille, Canada Media Fund President & CEO Valerie Creighton, and Indigenous Screen Office CEO Kerry Swanson.
The Jack Webster Foundation has revealed the finalists in the 15 categories for the 2024 Webster Awards, recognizing excellence in B.C. journalism. Winners will be announced during the Webster Awards gala on Oct. 28 at the Hyatt Regency, Vancouver. This year’s event will feature Bob Rae, Canada’s Ambassador to the United Nations, and will be hosted by Global BC’s Chris Gailus and Fairchild TV anchor Clement Tang.
CPAC (Cable Public Affairs Channel) is launching 20 video explainers on disinformation and democracy as part of an ongoing project that aims to equip viewers with the knowledge they need to identify and counter the spread of false information. Starting on International Democracy Day on Sept. 15, two new video explainers will be released each week on CPAC’s social media platforms throughout the fall. Funded in part by the Department of Canadian Heritage’s Digital Citizen Contribution Program, the Disinformation and Democracy series is based on nationwide data on Canadians’ perceptions of democracy and disinformation.
