Rogers has taken a big step toward becoming the majority owner of Maple Leaf Sports & Entertainment (MLSE), which owns major sports franchises such as the Toronto Maple Leafs and Toronto Raptors.
On December 12, Rogers and Bell received a “no-action letter” from Canada’s Competition Bureau. This means the Bureau doesn’t plan to block Rogers’ purchase of Bell’s 37.5% share in MLSE.
Rogers had announced in September that it would buy Bell’s stake for $4.7 billion. If the deal goes through, Rogers will be the majority owner of MLSE, buying out Bell’s share of the partnership.
“This reflects an important step in securing approvals and expanding our ownership of MLSE, one of the most prestigious sports and entertainment organizations in the world,” said Tony Staffieri, President and CEO, Rogers, on Friday. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.”
The deal still needs approval from the CRTC and sports leagues before it can be finalized. We have a hunch this is a done deal if the Competition Bureau won’t oppose it. The CRTC will likely give it the green light as well. This means Rogers will have total control of MLSE and the major sports teams that comprise it.
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