Rogers becomes sole owner of MLSE after completing purchase of remaining 25% stake

TORONTO — Rogers Communications Inc. says it has completed its purchase of the remaining 25 per cent stake in Maple Leaf Sports & Entertainment from Larry Tanenbaum’s Kilmer Sports Inc.

With the $4.35-billion deal finalized, the telecommunications giant now owns 100 per cent of the sports conglomerate that includes the Maple Leafs, Raptors, Toronto FC and Argonauts.

The company said it plans to create a new business unit, Rogers Sports, that will encompass MLSE properties along with Rogers’ previously owned assets such as the Toronto Blue Jays and other media and entertainment businesses.

MLSE’s assets also include Scotiabank Arena, the development teams affiliated with Toronto’s NHL and NBA franchises, and its partnership with Live Nation.

Rogers’ existing portfolio also includes Rogers Centre, Sportsnet and 30-plus other television networks, and more than 40 radio stations.

“We know how much these teams mean to fans and we are fully committed to investing to build championship-calibre teams, to enhancing the fan experience, and to delivering compelling experiences for our customers,” said Rogers president and CEO Tony Staffieri in a news release.

“Individually, these are extraordinary teams, brands and businesses. With communications, sports and entertainment together, it makes Rogers a truly world-class company that cannot be replicated.”

Rogers also announced Keith Pelley will remain president and CEO of MLSE while taking on additional responsibilities for Rogers Sports effective immediately, and Mark Shapiro will remain president and CEO of the Blue Jays.

The company has previously discussed a plan to monetize its combined sports and media assets, which it estimates are worth more than $25 billion in total.

By the first half of 2027, Rogers hopes to announce the sale of minority stakes in the combined sports entity to other investors, which would be subject to league approvals, a company executive said in July. Rogers will then use those proceeds to pay down debt.

Chief financial officer Glenn Brandt said at the time that minority investors shouldn’t expect a say in the decision-making surrounding Toronto’s sports teams.

Staffieri has said fans — particularly Rogers customers — should expect to reap the benefits of the MLSE deal as the company integrates its sports portfolio with its telecom services. He said Rogers would invest to deliver “unique rewards” for its customers in conjunction with the deal.

“Sports fans invest more than their money into their teams; they invest their time, passion and dreams. Their investment is personal and so is our responsibility,” executive chair Edward Rogers said in a news release on Thursday.

Last year, Rogers closed a separate $4.7-billion deal with Bell Canada’s parent company BCE Inc. to purchase its 37.5 per cent stake in MLSE, which made Rogers the sports conglomerate’s majority owner.

The two telecoms had previously owned equal stakes, while the remaining quarter was owned by Tanenbaum through his holding company, Kilmer. Rogers had held an option allowing it to buy out that remaining 25 per cent stake in MLSE and announced it would do so in July.

The transaction had been subject to league approvals.

While Tanenbaum is no longer an owner of MLSE, he will maintain a foothold in Toronto’s sports scene, particularly through its women’s teams.

Kilmer owns the Toronto Tempo, who recently wrapped up their inaugural WNBA season, and earlier this year became the first Canadian investor in the PWHL.

This report by The Canadian Press was first published Oct. 1, 2026.

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

Sammy Hudes, The Canadian Press