Rogers buying remaining stake in MLSE for $4.35B

TORONTO – 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.

“Our full ownership of MLSE brings together Canada’s premier communications company with Canada’s premier sports and entertainment organization,” Staffieri said in a statement.

“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.”

MLSE owns the Toronto Maple Leafs hockey team, Toronto Raptors basketball team, Toronto FC soccer team and the Toronto Argonauts football team.

Last year, Rogers closed a separate $4.7-billion deal with rival BCE Inc. to buy its 37.5 per cent stake in MLSE, making it the majority owner.

The two companies had previously owned equal stakes in the sports conglomerate, while the remaining quarter was owned by Larry Tanenbaum through his holding company, Kilmer. Rogers held an option allowing it to buy out that remaining 25 per cent stake in MLSE.

Beyond its minority stake in MLSE, Kilmer owns the expansion Toronto Tempo, who are playing their inaugural WNBA season, and last month became the first Canadian investor in the PWHL.

“As I step back as an owner, as contemplated by a shareholders agreement entered into 15 years ago, I am extremely proud to leave this legacy of excellence, a culture of winning, and a family feeling among all our MLSE employees to be carried on,” Tanenbaum said in an open letter to fans, published Monday.

“I applaud the accomplishments of Edward Rogers and wish him and his team all the best moving forward with this extraordinary organization.”

Brock University sport management professor Michael Naraine said the move would be a benefit to the teams under MLSE’s umbrella.

Naraine described a decision-making process that could be “tumultuous” under MLSE’s previous governance structure, in which a board of directors included representatives from Rogers and Bell, along with Tanenbaum.

“Part of the challenge that MLSE always had in its evolution was having multiple cooks in the kitchen and trying to please multiple parties. That can be tough at times,” Naraine said in an interview.

“By Rogers now owning 100 per cent of MLSE, what they’re able to do is have less cooks in the kitchen, have a dedicated chef and with a dedicated vision for what the menu should look like and how best to serve the patrons coming in to eat.”

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.

“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.

In addition to MLSE, Rogers owns the Toronto Blue Jays baseball team, Rogers Centre and Sportsnet.

Earlier this year, Rogers chief financial officer Glenn Brandt said the telecom giant planned to combine its Rogers Sports & Media subsidiary, including the Blue Jays and Rogers Centre, with MLSE.

The company intends to sell a minority stake in the consolidated Rogers sports, media and entertainment assets over the course of the next year.

Analysts said the deal with Kilmer implies a total value for MLSE of $17.4 billion, a 39 per cent increase from the $12.5-billion valuation implied when Rogers announced the acquisition of BCE’s stake.

“Full ownership was well-telegraphed. What is more relevant is the price paid, which sets a new benchmark valuation,” said Scotiabank analyst Maher Yaghi in a note.

He said valuations for the Blue Jays are estimated around $3.6 billion to $4 billion.

“Combined with the $17.4 billion, Rogers is underwriting a much higher sports asset value than investors assumed.”

Rogers also has partnerships with the Vancouver Canucks, Edmonton Oilers, Calgary Flames, the NHL, the NBA, MLB and Live Nation. 

Its new 12-year, $11-billion agreement for the national rights to NHL games in Canada starts in the upcoming 2026-27 season. 

This report by The Canadian Press was first published July 6, 2026.

Companies in this story: (TSX:RCI.B, TSX:BCE)