Rogers Communications (RCI) announced it has closed its transaction to acquire BCE‘s (BCE) 37.5% ownership stake in Maple Leaf Sports & Entertainment for C$4.7B. Rogers is now the largest owner with a 75% interest in MLSE. The transaction closed effective July 1 after receiving all necessary regulatory and league approvals. The purchase price was primarily funded from revolving bank credit facilities together with cash on hand, Rogers stated. “MLSE is one of the most prestigious sports and entertainment organizations in the world and we’re proud to be the majority owner of these iconic sports teams. Live sports are a core part of our business and core to the fans who live and breathe every moment,” said Tony Staffieri, President and CEO, Rogers.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RCI:
- Rogers Communications price target raised to C$57 from C$55 at BMO Capital
- Rogers Communications price target raised to C$53 from C$52 at National Bank
- Hold Rating Maintained for Rogers Communications Amidst Mixed Performance Signals
- Rogers ‘pleased’ to receive approval to expand ownership of MLSE
- Rogers Communications price target raised to C$47 from C$44 at Canaccord