In one of the largest sports ownership transactions in North American history, Rogers Communications announced on September 18 an agreement to buy BCE Inc.'s (Bell) 37.5 percent ownership stake in Maple Leaf Sports & Entertainment (MLSE) for 4.7 billion Canadian dollars (approximately 3.5 billion US dollars) in cash.
The acquisition gives Rogers a 75 percent controlling majority interest in Canada's premier sports empire, which includes the Toronto Maple Leafs, Toronto Raptors, Toronto FC, and Toronto Argonauts.
Record Valuation for Canada's Sports Powerhouse
The landmark transaction implies an enterprise value for MLSE of roughly 12.5 billion Canadian dollars (9.3 billion US dollars), reflecting soaring global franchise valuations across the NHL and NBA.
Rogers and Bell originally purchased a joint 75 percent stake in MLSE in 2012 for 1.32 billion Canadian dollars from the Ontario Teachers' Pension Plan.
“MLSE is one of the most prestigious sports organizations in the world. We are proud to expand our investment in Canada's iconic sports teams.”
Long-Term Broadcast Rights and Regulatory Clearance
Under the terms of the divestment, Bell Media secured long-term rights to continue broadcasting Toronto Maple Leafs and Raptors games on TSN for the next 20 years through a content agreement with Rogers.
The transaction remains subject to customary regulatory approvals from the Canadian Competition Bureau, the NHL, NBA, and Major League Soccer, with completion targeted for mid-2025.
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