Rogers buys out Bell stake in Leafs, Raptors parent company MLSE [Update]

Rogers bought out Bell’s 37.5 percent stake in Maple Leaf Sports and Entertainment (MLSE) for $4.7 billion.

The move gives Rogers a controlling stake in MLSE and doubles its ownership to 75 percent. MLSE is the parent company for several Toronto men’s pro sports franchises, including the Maple Leafs, Raptors, TFC, and Argonauts. MLSE chairperson Larry Tanenbaum’s Kilmer Sports and Canadian pension fund OMERS own the remaining 20 and 5 percent, respectively.

MLSE is also the parent company for several minor-league affiliates, like the Marlies, Raptors 905 and Toronto FC II.

Rogers told the Toronto Star that it would continue to split broadcasting rights and that Bell would continue broadcasting Argos and TFC games. Rogers already owns the Blue Jays and the Rogers Centre, as well as Sportsnet, which holds the broadcast rights to Jays games and half of Raptors and regional Leafs games.

Update Sept. 18, 2024 at 1:29pm ET: Rogers clarified in an email to MobileSyrup that the deal provides Bell with the opportunity to renew its existing MLSE broadcast and sponsorship rights long-term at “fair market value” when the current deal expires. That would include content rights for half of regional Maple Leafs games and half of Raptors games that MLSE holds the rights to. According to Rogers, that would amount to 26 of 82 Leafs games and 41 of 82 Raptors games.

However, the deal is still pending approval from the sports leagues and other bodies.

The Star noted an internal memo from Bell CEO Mirko Bibic, which said the deal would help reduce Bell’s debt levels and help it transition to a tech services and digital media company. Moreover, Bibic said the company’s focus is now on fibre and 5G, content, and cloud and enterprise solutions.

Source: Toronto Star