Rogers Agrees C$4.35bn Deal to Take Full Ownership of MLSE

Rogers Communications has signed an agreement to purchase Kilmer Sports’ remaining 25% interest in Maple Leaf Sports & Entertainment for C$4.35 billion.

The transaction will increase Rogers’ ownership of MLSE from 75% to 100%, subject to regulatory and league approvals. Completion is expected during the fourth quarter of 2026.

MLSE owns some of Canada’s most prominent professional sports properties, including the NHL’s Toronto Maple Leafs, the NBA’s Toronto Raptors, Major League Soccer’s Toronto FC and the Canadian Football League’s Toronto Argonauts.

Its wider portfolio includes Scotiabank Arena, the Toronto Marlies of the American Hockey League, Raptors 905 of the NBA G League and several sports and entertainment businesses.

The agreed price for Kilmer Sports’ 25% holding implies an overall MLSE valuation of approximately C$17.4 billion.

Rogers increased its ownership to 75% after agreeing in 2024 to acquire BCE’s 37.5% stake in MLSE for C$4.7 billion. Kilmer Sports, the investment company controlled by Larry Tanenbaum, retained the remaining quarter of the business.

Outside MLSE, Rogers already owns Major League Baseball’s Toronto Blue Jays, Rogers Centre and Canadian sports media business Sportsnet.

Rogers said it intends to bring its sports and entertainment holdings together and has previously outlined plans to sell a minority interest in the combined business.

Kilmer’s sale will conclude Tanenbaum’s long-running ownership involvement with MLSE, which began when he acquired an interest in the organisation during the 1990s.