Rogers Communications buys out Bell stake in Maple Leafs Sports for $3.5 billion

TORONTO — Rogers Communications is buying out Bell’s 37.5% share of Maple Leaf Sports & Entertainment for $4.7 billion ($3.5 billion U.S.), giving it 75% ownership of the sports conglomerate.

Rogers and Bell had held equal shares of MLSE, which owns the NHL's Maple Leafs, the NBA's Raptors, the CFL's Argonauts, the MLS Toronto soccer team and the Marlies, an AHL minor-league hockey team.

“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 Wednesday. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.”

Rogers, which owns Sportsnet, already owns Major League Baseball’s Blue Jays and its Rogers Centre home. Rogers also has strategic partnerships with the Vancouver Canucks, Edmonton Oilers, Calgary Flames and NHL. When the transaction closes, Rogers will be the largest owner of MLSE.

The proposed sale puts the value of MLSE at $12.53 billion ($9.2 billion U.S.). Bell said the transaction is expected to close in mid-2025. It said it plans to use proceeds of the sale toward reducing debt levels and to focus on core growth drivers.

Bell, which owns TSN, will continue to air games. It said has secured content rights for the Leafs and Raptors on TSN for the next 20 years through an agreement with Rogers, subject to league approval.

MLSE chairman Larry Tanenbaum, via his holding company Kilmer Sports Inc., owns a 25% stake in MLSE. Tanenbaum has represented the Raptors at the NBA’s board of governors and the Leafs with the NHL.

Rogers Communications Inc. and Bell reportedly did not see eye to eye on the merits of a WNBA franchise, with Tanenbaum eventually securing a Toronto team under the Kilmer banner.

“MLSE has been fortunate to have one of the very best ownership groups in sports and entertainment for many years and it has led to MLSE becoming one of the leading organizations in our industry,” MLSE President and CEO Keith Pelley said. “As an organization, we are grateful for their contributions, and we remain fully focused on our priorities and further driving a championship mentality across MLSE.”