Rogers announced Thursday that it has closed the acquisition of the remaining 25-per-cent stake in Maple Leaf Sports and Entertainment (MLSE).
The cable giant, which came to a $4.35-billion agreement in July to buy Kilmer Sports’s holding, now owns 100 per cent of the sports empire, which includes the Toronto Maple Leafs, Toronto Raptors, Toronto Football Club and Toronto Argonauts, as well as the Toronto Marlies of the American Hockey League, the Raptors 905 of the NBA G League, and the MLS Next Pro team Toronto FC II.
Keith Pelley will remain as president and CEO of MLSE but will take on “additional accountability” for Rogers media effective immediately, a press release noted.
The company’s sports and media businesses will now be rolled into a new business unit called Rogers Sports. Rogers executives have said they will now be looking to sell to investors a minority stake in the merged entity to reduce its debt.
“Individually, these are extraordinary teams, brands and businesses,” Rogers President and CEO Tony Staffieri said in the release. “With communications, sports and entertainment together, it makes Rogers a truly world-class company that cannot be replicated.”
Staffieri added in the release that Rogers is “fully committed to investing to build championship-calibre teams, to enhancing the fan experience, and to delivering compelling experiences for our customers.”
Mark Shapiro will remain as president and CEO of the Blue Jays, who lost in the World Series last year and did not make the playoffs this year.
During a first-quarter earnings conference call in April, Rogers estimated the value of its sports and media business will exceed $25 billion after buying out the remaining stake in MLSE.
The company previously became a 75-per-cent owner when it purchased Bell’s 37.5-per-cent stake in the sports company last year.
