Bell plans to sell its share of MLSE for $4.7bn, focusing on reducing debt and shifting to tech investments
Rogers Communications Inc. is acquiring Bell’s 37.5 percent share in Maple Leaf Sports & Entertainment (MLSE) for $4.7bn, as reported by BNN Bloomberg.
This acquisition will give Rogers a 75 percent ownership stake in MLSE, which owns several prominent sports teams, including the NHL’s Maple Leafs, the NBA’s Raptors, the CFL’s Argonauts, the MLS’s Toronto FC, and the AHL’s Marlies.
Prior to this transaction, Rogers and Bell had equal ownership shares of MLSE.
MLSE chair Larry Tanenbaum, through his holding company Kilmer Sports Inc., holds a 25 percent stake in MLSE. In 2023, OMERS, a Canadian pension fund, purchased a five percent indirect stake in MLSE by acquiring a 20 percent direct stake in Kilmer Sports for US$400m.
“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,” Rogers president and CEO Tony Staffieri said. He added that live sports and entertainment are central to Rogers’ business strategy.
The sale values MLSE at $12.53bn, with Bell stating that the transaction is expected to close in mid-2025. Bell plans to use the proceeds to reduce its debt and support its transformation from a telecom company to a tech company, focusing on growth drivers.
While Bell will sell its ownership share, it will continue to air games through its sports network, TSN. Bell has secured content rights for the Leafs and Raptors on TSN for the next 20 years through a long-term agreement with Rogers, subject to league approvals.
TSN will also continue to broadcast Argonauts and Toronto FC games through independent agreements with the leagues.
“We are proud of our time as co-owners of these iconic sports teams, and through this agreement, we have ensured that fans can count on Bell’s continued support of their teams,” said Mirko Bibic, president and CEO of BCE Inc. and Bell Canada.
Rogers stated that the deal, subject to league and regulatory approvals, allows Bell to renew its broadcast and sponsorship rights long-term. This includes access to 50 percent of Maple Leafs regional games and 50 percent of Raptors games for which MLSE controls the rights.
The sale may streamline decision-making within MLSE. Reports indicate that Rogers and Bell disagreed over the merits of a WNBA franchise for Toronto, which Tanenbaum ultimately secured through Kilmer Sports.
Rogers already owns Sportsnet, Major League Baseball’s Blue Jays, and the Rogers Centre. With the completion of this transaction, Rogers will become the largest owner of MLSE with a controlling interest of 75 percent.
Rogers stated that the acquisition will not affect its debt leverage, and financing for the deal will include private investors. Staffieri also commented that MLSE continues to appreciate in value, and Rogers plans to surface more value for shareholders long-term.
Rogers and Bell initially acquired an ownership position in MLSE in 2012 through a $1.07bn deal with the Ontario Teachers’ Pension Plan. Whether Rogers will increase its ownership stake further remains uncertain, although both Rogers and Bell reportedly have the right to buy out Tanenbaum by July 2026.
