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. MLSE also owns and operates Toronto’s Scotiabank Arena and has invested in and operates five Toronto sports facilities, including Coca-Cola Coliseum, BMO Field, BMO Training Grounds at Downsview Park, OVO Athletic Centre, the practice facility for the Raptors, and Ford Performance Centre for Hockey Excellence, the practice facility for the Leafs and Marlies. Its charitable arm, MLSE Foundation, funds initiatives to support youth through sport and recreational programs.
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.
Rogers says the deal will provide Bell with the opportunity to renew its existing MLSE broadcast and sponsorship rights longterm at fair market value, including access to content rights for 50% of Toronto Maple Leafs regional games and 50% of Toronto Raptors games for the next 20 years, for which MLSE controls the rights. Bell Media’s TSN would also continue to broadcast Toronto Argonauts and Toronto FC games through independent agreements with the respective leagues. Bell would additionally remain the official telecom sponsor of the Raptors and maintain its sponsorships of the Argonauts and Toronto FC.
“MLSE is one of the most prestigious sports and entertainment organizations in the world and we’re proud to expand our ownership of these coveted sports teams,” said Tony Staffieri, Rogers’ President and CEO, in a company announcement. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.”
“This agreement confirms TSN’s position as Canada’s Sports Leader with long-term access to content rights to some of Canada’s most beloved sports teams,” said Sean Cohan, President, Bell Media. “At the heart of this deal are passionate fans, which TSN will continue to serve across all of our platforms with the premium coverage that audiences expect from Canada’s Sports Leader.”
The agreement adds to Rogers existing sports portfolio, which encompasses the Toronto Blue Jays, Rogers Centre and Sportsnet, in addition to strategic partnerships with the Vancouver Canucks, Edmonton Oilers, Calgary Flames and the NHL.
According to a Rogers release, the company is financing the transaction through private investment.
“MLSE continues to appreciate significantly, and together with our sports and media assets, we plan to surface more value for shareholders longterm,” said Staffieri. “This agreement also ensures long-term Canadian ownership and investment of these iconic teams.”
The transaction is expected to close in mid-2025.
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