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Rogers Communications Inc. says it has signed a deal to buy the remaining 25 percent of the shares it does not already own in Maple Leaf Sports & Entertainment from Kilmer Sports Inc. for $4.35 billion.
Rogers CEO Tony Staffieri called it a defining moment for the company.
“This gives us even greater opportunity to invest in championship-caliber teams, create unique experiences for customers and fans, and unlock long-term value for shareholders,” Staffieri said in a press release.
MLSE owns the NHL’s Toronto Maple Leafs, as well as the AHL’s Toronto Marlies, Toronto Raptors, Toronto FC and the CFL’s Toronto Argonauts. It also owns and operates Scotiabank Arena, and invests in and operates the Coca-Cola Coliseum and BMO Field, all in Toronto.
Rogers expects the deal, which must be approved by the league, to be completed in the fourth quarter of this year.
The company said full ownership will strengthen its ability to drive long-term business growth.
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“The strategic value of our sports business is even greater when combined with our core communications business, giving us a unique value proposition to compete in a very crowded market,” Staffieri said.
Rogers also says it will bring greater benefits to fans, including by expanding available options and access to tickets, as well as ticket distribution.
The company said it intends to sell a minority stake in Rogers’ consolidated sports, media and entertainment assets within the next year.
Rogers also owns the Jays’ home stadium, Rogers Center, and the Sportsnet television network, which broadcasts many sporting events.
The company also has partnerships with the Vancouver Canucks, Edmonton Oilers, Calgary Flames, NHL, NBA, MLB and Live Nation.