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Rogers Communications Inc. says it has signed a deal to buy the remaining 25 per cent stake in Maple Leaf Sports & Entertainment it does not already own from Kilmer Sports Inc. for $4.35 billion.
Rogers chief executive Tony Staffieri called it a defining moment for the company.
“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,” Staffieri said in a press release.
MLSE owns the Toronto Maple Leafs NHL team as well as the AHL’s Toronto Marlies, the Toronto Raptors basketball team, the Toronto FC and the CFL’s Toronto Argonauts. It also owns and operates the Scotiabank Arena, and invests in and operates the Coca-Cola Coliseum and BMO Field, all in Toronto.
Rogers expects the deal, which is subject to league approvals, to close in the fourth quarter of this year.
The company said full ownership will strengthen its ability to drive long-term growth across its businesses.
A blockbuster deal to lock in Vladimir Guerrero Jr. this past spring may be leading to financial windfalls for Toronto Blue Jays’ owner Rogers Communications.
“The strategic value of our sports business is even greater when you combine it with our core connectivity business — it gives us a unique value proposition to compete in a very crowded marketplace,” Staffieri said.
Rogers also says it will deliver more value for fans, including by expanding affordable options and access to ticket, plus ticket giveaways.
The company has said it intends to sell a minority stake in the consolidated Rogers sports, media and entertainment assets over the course of the next year.
Rogers also owns the Jays’ home stadium Rogers Centre and the television network that broadcasts many sporting events, Sportsnet.
The company also has partnerships with the Vancouver Canucks, Edmonton Oilers, Calgary Flames, the NHL, the NBA, MLB and Live Nation.
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