Rogers Acquires Bell’s Stake in MLSE for $4.7 Billion

Rogers today announced it will buy out Bell’s 37.5% ownership stake in Maple Leaf Sports & Entertainment (MLSE) for $4.7 billion CAD. Rogers will now have majority control with 75% of MLSE, making it a powerful owner of Canada’s biggest pro sports teams.

“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, President and CEO, Rogers, in a statement on Wednesday. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.”

“We are proud of our time as co-owners of these iconic sports teams, and through this agreement have ensured that fans can count on Bell’s continued support of their teams. Today’s announcement demonstrates that we are focused on creating the financial flexibility to support our ongoing transformation and core growth drivers,” said Mirko Bibic, President & CEO, BCE Inc. and Bell Canada in a statement.

Bell parent company BCE says it will use the money from the sale towards “reducing debt levels and to support its ongoing transformation from telco to techco with a focus on core growth drivers.”

The deal also means Bell Media has secured 50% access to content rights to Toronto Maple Leafs regional games and Toronto Raptors on TSN for the next 20 years, subject to league approvals.

Bell will also stay as the official telecom sponsor of the Toronto Raptors and will keep its sponsorships of the Toronto Argonauts and Toronto FC.