Rogers announced it has signed a deal to buy the remaining 25 percent stake in Maple Leaf Sports and Entertainment (MLSE), owned by Larry Tanenbaum’s Kilmer Group, for $4.35 billion.
Rogers’ chief executive, Tony Staffieri, called the deal a defining moment for the company.
“Our full ownership of MLSE brings together Canada’s premier communications company with Canada’s premier sports and entertainment organization,” Staffieri said in the company’s press statement.
“It gives us even more opportunity to invest in championship-calibre teams, create unique experiences for customers and fans, and unlock long-term value for shareholders.”
To add some context, MLSE owns the NHL’s Toronto Maple Leafs, the AHL’s Toronto Marlies, the NBA’s Toronto Raptors, MLS’ Toronto FC, and the CFL’s Toronto Argonauts. The company also owns and operates three venues in downtown Toronto: Scotiabank Arena, Coca-Cola Coliseum, and BMO Field.
Outside of MLSE, the telecom giant itself owns and operates MLB’s Toronto Blue Jays, along with the team’s home stadium, Rogers Centre. The company also has partnerships with the Vancouver Canucks, Edmonton Oilers, Calgary Flames, the NHL, NBA, MLB, and Live Nation.
Subject to league approvals, Rogers expects the deal to close within the fourth quarter of this year.
Rogers also noted that it intends to sell a minority stake in the consolidated Rogers sports, media, and entertainment assets over the next year.
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