Rogers Communications has bought out Bell’s 37.5 per cent stake in Maple Leaf Sports & Entertainment for $4.7 billion Cdn, giving the company a controlling stake in all of Toronto’s major men’s pro sports franchises.
MLSE is the parent company of the Maple Leafs, Raptors, TFC and Argonauts, as well as the minor-league affiliates Marlies, Raptors 905 and Toronto FC II.
Rogers has now doubled its ownership in MLSE to 75 per cent. The remaining 25 per cent is owned by MLSE chairman Larry Tanenbaum’s Kilmer Sports and Canadian pension fund OMERS.
Rogers already owns the Blue Jays and the Rogers Centre. It also owns Sportsnet, which holds the broadcast rights to Blue Jays games and 50 per cent of Raptors and Maple Leafs games.
Broadcast rights will continue to be split 50-50, a Rogers spokesperson told the Star. Bell said it will also continue to broadcast Argos and TFC games.
The deal is pending approvals from the leagues and other bodies, according to a statement from Bell.
In an internal memo sent to staff, Bell CEO Mirko Bibic said the deal will help reduce Bell’s debt levels and support its transition to a tech services and digital media company. Bell’s focus, Bibic said, now lies on fibre and 5G, content, and cloud and enterprise solutions.
“Ensuring our properties remain the go-to destination for the live action, news and analysis that sports fans love — now and well into the future — is a priority,” Bibic said.
It has been a tumultuous year for Bell, which in February cut 4,800 jobs, sold off nearly half of its radio stations and ended multiple television newscasts. The company also cut 1,300 jobs last year. Bell was losing $40 million a year in news, Bibic told MPs in Ottawa in April, and $180 million a year on CTV.
Rogers said the deal “ensures long-term Canadian ownership and investment of these iconic 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,” Tony Staffieri, president and CEO of Rogers, said in a statement. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.”
Tanenbaum still owns 20 per cent of MLSE through Kilmer Sports. He sold five per cent of the company to Canadian pension fund OMERS in the fall of 2023 for roughly $550 million Cdn.
Tanenbaum will own Toronto’s new WNBA franchise, which will begin play in 2026 along with the just-announced Portland expansion team. The Toronto Sceptres of the Professional Women’s Hockey League are owned by American billionaire Mark Walter, who has financed the league and owns all six franchises.
MLSE president and CEO Keith Pelley — once the president of Rogers Media and hired to head MLSE in January — thanked the ownership group for its contributions to the company.
“MLSE has been fortunate to have one of the very best ownership groups in sports and entertainment for many years and it has led to MLSE becoming one of the leading organizations in our industry,” Pelley said. “We remain fully focused on our priorities and further driving a championship mentality across MLSE.”
This is a developing story
