Bell Canada has announced that it is selling its 37.5% stake in Maple Leafs Sports and Entertainment to fellow Canadian telecom giant Rogers for $4.7B.
MLSE is comprised of the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL) and their minor league affiliate teams. Bell, which has held its stake in MLSE for the past 12 years, made sure that as a condition of the sale, they would receive content rights for the Maple Leafs and Raptors for the next 20 years.
“We are proud of our time as co-owners of these iconic sports teams, and through this agreement have ensured that fans can count on Bell’s continued support of their teams,” Mirko Bibic, president and CEO of BCE Inc. and Bell Canada said. “Today’s announcement demonstrates that we are focused on creating the financial flexibility to support our ongoing transformation and core growth drivers.”
“This agreement confirms TSN’s position as Canada’s Sports Leader with long-term access to content rights to some of Canada’s most beloved sports teams,” Sean Cohan, president of Bell Media said. “At the heart of this deal are passionate fans, which TSN will continue to serve across all of our platforms with the premium coverage that audiences expect from Canada’s Sports Leader.”
The figures, which are in Canadian dollars, come it at roughly $3.48B USD, meaning that Rogers values the organization at approximately $9.3B. In addition to the 37.5% of MLSE which Rogers already owned, the telecom giant now will own 75% of the group in their portfolio.
According to a statement from the new majority owners, “financing will include private investors” as well. The deal will still be subject to league and regulatory approvals, but should be ratified sometime in 2025.