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4w ago

Rogers wins league approvals to acquire BCE Inc.’s 37.5% MLSE stake

The clearance from five major sports leagues brings the telecom closer to completing its $4.7-billion deal pending CRTC sign-off.

Rogers Communications Inc. executive chair Edward Rogers stands on the field during batting practice ahead of a Toronto Blue Jays home opener against the Seattle Mariners in American League MLB baseball action in Toronto on April 8, 2024. THE CANADIAN PRESS/Chris Young

Overview

  • The NHL, NBA, CFL, MLS and AHL have cleared Rogers’s $4.7 billion purchase, which will lift its ownership in Maple Leaf Sports & Entertainment to 75 percent.
  • The transaction values MLSE at $12.5 billion, marking the highest valuation for a Canadian sports franchise.
  • Final approval from the Canadian Radio-television and Telecommunications Commission is still required before the deal can close.
  • Rogers expects to complete the acquisition by mid-2025 and holds an option to buy the remaining 25 percent from MLSE chairman Larry Tanenbaum in 2026.
  • CFO Glenn Brandt said institutional investors are showing strong interest in Rogers’s wider sports assets as the company seeks to unlock additional value.