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Rogers has made a record-breaking $4.7 billion deal to become the majority owner of the NHL's Toronto Maple Leafs and the NBA's Toronto Raptors.
In this massive transaction, Rogers acquired a 37.5% stake in Maple Leaf Sports and Entertainment (MLSE) from Bell Canada, giving them control of both teams.
"Rogers already owned 37.5% of MLSE, and it puts a total valuation on the entity of $9.3 billion. Rogers also owns the Toronto Blue Jays, who are worth $2.27 billion, according to Sportico. Larry Tanenbaum owns the remaining 25% stake in MLSE, which also includes the Canadian Football League's Toronto Argonauts."
Rogers and Bell had teamed up in 2012 to buy MLSE for $1.32 billion from the Ontario Teachers' Pension Plan. With this deal, Bell is no longer involved in the ownership.
Tony Staffieri, President and CEO of Rogers, stated:
"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 of Rogers.
"As Canada's leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy."
"As Canada's leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy."
Rogers' track record with customers in the telecom industry has been mixed, but this deal puts them in a very powerful position. Both Rogers and Bell have declined to comment further.
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