TORONTO – Rogers Communications Inc. says it has signed a deal to purchase the remaining 25 per cent stake in Maple Leaf Sports & Entertainment it doesn’t already own from Kilmer Sports Inc. for $4.35 billion.
Rogers chief executive Tony Staffieri called it a defining moment for the corporate.
“Our full ownership of MLSE brings together Canada’s premier communications company with Canada’s premier sports and entertainment organization,” Staffieri said in an announcement.
“It gives us much more opportunity to speculate in championship-calibre teams, create unique experiences for purchasers 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 12 months, Rogers closed a separate $4.7-billion cope with rival BCE Inc. to purchase its 37.5 per cent stake in MLSE.
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The 2 corporations had previously owned equal stakes within the sports conglomerate, while the remaining quarter was owned by Larry Tanenbaum through his holding company, Kilmer. Rogers held an option allowing it to purchase out that remaining 25 per cent stake in MLSE.
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Beyond its minority stake in MLSE, Kilmer owns the expansion Toronto Tempo, who’re playing their inaugural WNBA season, and last month became the primary Canadian investor within the PWHL.
Rogers expects the deal, which is subject to league approvals, to shut within the fourth quarter of this 12 months.
The corporate 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 once you mix it with our core connectivity business — it gives us a singular value proposition to compete in a really crowded marketplace,” Staffieri said.
Along with MLSE, Rogers owns the Toronto Blue Jays baseball team, Rogers Centre and Sportsnet.
Earlier this 12 months, Rogers chief financial officer Glenn Brandt said the telecom giant planned to mix its Rogers Sports & Media subsidiary, including the Blue Jays and Rogers Centre, with MLSE.
The corporate intends to sell a minority stake within the consolidated Rogers sports, media and entertainment assets over the course of the following 12 months.
One analyst said the cope with Kilmer implies a complete 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’s more relevant is the worth paid, which sets a brand 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 latest 12-year, $11-billion agreement for the national rights to NHL games in Canada starts within the upcoming 2026-27 season.
This report by The Canadian Press was first published July 6, 2026.
Firms on this story: (TSX:RCI.B, TSX:BCE)
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