Rogers Considering Sale of Toronto Blue Jays, Stake in Cogeco
Rogers chief financial officer Tony Staffieri said earlier this week the company is considering a sale of the Toronto Blue Jays, and its stake in smaller media company Cogeco. The comments were made at an the UBS Global Media and Communications conference in New York on Tuesday, reported the Canadian Press:
“To be clear, there isn’t anything imminent that we are about to announce, but we’re certainly looking at the alternatives. Again, would like to get the content without necessarily having the capital tied up on our balance sheet.”
Staffieri said Rogers is looking to “surface value” from the Blue Jays, a “very valuable asset for us that we don’t get full credit for.”
Rogers is budgeting for 2018 currently and wants to focus on revenue growth and improved margins in its wireless and cable divisions.
The company wants to own sports rights content in Canada, but not necessarily own a team, referring to their 12-year licensing deal with the NHL.
“Our focus in media will continue to be on the sports side of it. So don’t expect any type of expansion on the media side, other than continue to monetize the sports assets that we have,” Staffieri said.
Rogers is also looking to sell its stake in Montreal-based Cogeco, where it owns a stake in the cable and media divisions, worth about $2.98 per share or $1.53 billion, according to estimates from Canaccord analyst, Aravinda Galappatthige.
What do you think? Should Rogers sell the Blue Jays?