Rogers Communications Inc. has reached a definitive agreement to acquire the remaining 25 percent stake in Maple Leaf Sports & Entertainment (MLSE) from Kilmer Sports Inc. for $4.35 billion, paving the way for the telecom giant to become the sole owner of Canada's premier sports and entertainment organization.
Deal details and financing
The transaction, announced on Monday, will give Rogers full control of MLSE, which owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), and the Scotiabank Arena. Rogers already held a 75 percent stake in MLSE after acquiring Bell Canada's 37.5 percent share in 2024.
Rogers CEO Tony Staffieri said in a press release, “Our full ownership of MLSE brings together Canada’s premier communications company with Canada’s premier sports and entertainment organization. This is a defining moment for Rogers.”
The company plans to finance the purchase using its committed liquidity. Rogers previously disclosed it would sell a minority stake in its consolidated sports, media, and entertainment assets over the next year to help fund the acquisition.
Regulatory approvals and timeline
The deal is subject to approval from the relevant sports leagues, including the NHL, NBA, MLS, and CFL. Rogers expects the transaction to close in the fourth quarter of 2026.
Kilmer Sports, the holding company of the late Larry Tanenbaum, had been a longtime minority owner of MLSE. Tanenbaum will continue as chairman of MLSE's board until the closing of the transaction, according to sources.
Impact on Canadian sports landscape
Rogers' full ownership of MLSE marks a significant consolidation of Canadian sports media rights. The company already holds exclusive national broadcast rights for the NHL and MLB in Canada through its Sportsnet network, and MLSE's teams provide a steady stream of content for its television and digital platforms.
The move is expected to strengthen Rogers' position in the competitive sports broadcasting market, as it can now integrate team operations with its media assets more closely. Analysts have noted that the deal could lead to more bundled offerings for consumers, combining telecommunications services with sports content.
