- Rogers Communications (TSX:RCI.A/B) has been given the green light from the Competition Bureau to acquire Bell’s 37.5 per cent stake in Maple Leaf Sports & Entertainment
- The transaction will make Rogers the majority owner of the entity controlling The Toronto Maple Leafs and Toronto Raptors
- Rogers is Canada’s leading communications and entertainment company
- Rogers stock has given back 20.12 per cent year-over-year and 21.26 per cent since 2019
Rogers Communications (TSX:RCI.A/B) has been given the green light from the Competition Bureau to acquire Bell’s 37.5 per cent stake in Maple Leaf Sports & Entertainment (MLSE) and become majority owner.
The “no-action letter” received from the Bureau on December 12, 2024, establishes that the Commissioner of Competition “does not intend to challenge Rogers’ acquisition of Bell’s interest in MLSE,” according to Friday’s news release.
The C$4.7 billion deal, announced in September, requires league approvals and approval from the Canadian Radio-television and Telecommunications Commission.
Rogers grew revenue from C$13.9 billion in 2020 to C$19.3 billion in 2023, though net income was halved over the period, generating C$1.59 billion and C$0.849 billion, respectively. The company will improve its profitability once 2024 comes to a close, having earned over C$1.17 billion in net income through three quarters.
Leadership insights
“This reflects an important step in securing approvals and expanding our ownership of MLSE, one of the most prestigious sports and entertainment organizations in the world,” Tony Staffieri, Rogers Communications’ president and chief executive officer, said in a statement. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.”
About Rogers Communications
Rogers is Canada’s leading communications and entertainment company.
Rogers stock (TSX:RCI.A/B) last traded at C$50 per share. The stock has given back 20.12 per cent year-over-year and 21.26 per cent since 2019.
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(Top photo of MLSE headquarters in Toronto: Adobe Stock)
