Rogers Communications Acquires C$4.7 billion from BCE to Increase Stake in Maple Leaf Sports & Entertainment

For 4.7 billion Canadian dollars ($3.46 billion), Rogers Communications is expected to purchase BCE's minority interest in Maple Leaf Sports & Entertainment, therefore increasing its influence in Canadian sports.

The professional sports corporation that is home to key North American sports clubs including the Toronto Maple Leafs, Toronto Raptors, and Toronto FC is owned by a Canadian telecom and media firm. On Wednesday, the company announced that it has agreed to purchase BCE's 37.5% ownership in the company.

A 37.5% interest in Maple Leaf Sports & Entertainment was previously held by Rogers, the firm that also owns the Toronto Blue Jays baseball franchise. The business stated that funding for this deal will not impact its debt leverage and will include private investors.

Through his holding company Kilmer Sports, Canadian businessman Lawrence Tanenbaum, who is also the chairman of Maple Leaf Sports & Entertainment, owns the other 25%.

Edward Rogers, the executive chair of Rogers, stated, "We're passionate about sports and we're passionate about winning."

BCE won't be entirely absent from the picture. Under the terms of the agreement, BCE will have 20 years of access to the Toronto Raptors and Maple Leafs' television rights on its TSN channel. Furthermore, BCE claimed that it will continue to support the Toronto Argonauts and Toronto FC through its Bell firm and that it will continue to be the official telecom sponsor of the Toronto Raptors.

According to BCE, the profits of this transaction will be utilized to lower debt levels and further the company's continuing transition from a telecom to a more tech-focused enterprise.

It is anticipated that the deal would finalize in the middle of 2025.