Rogers Communications reaches deal to gain majority stake in Canada’s most valuable sports empire, Rick Westhead writes.
BCE Inc. has reached a deal to sell its 37.5 per cent interest in Maple Leaf Sports & Entertainment to Rogers Communications Inc. for $4.7 billion, giving Rogers a majority stake in Canada’s most valuable sports empire and advancing executive chairman Edward Rogers’ standing as one of the country’s most powerful sports industry executives.
MLSE, which was valued at $8.7 billion last year by Forbes magazine and was said to be the world’s 10th most valuable sports conglomerate, owns a stable of properties that includes the National Hockey League’s“MLSE is one of the most prestigious sports and entertainment organizations in the world and we’re proud to expand our ownership of these coveted sports teams,” Rogers president Tony Staffieri wrote in a statement.
New York-based Madison Square Garden Company in 2015 spun off its sports and entertainment businesses from its media business, making MSG Networks a stand-alone media company while Madison Square Garden Sports Corp. owns the
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