Proactive Investors - Rogers has purchased Bell’s stake in Maple Leaf Sports & Entertainment for $4.7 billion, making it the company’s majority owner.
Rogers and Bell jointly purchased a 75% stake in MLSE, which owns the Toronto Maple Leafs and the Toronto Raptors, in August 2012.
"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 CEO Tony Staffieri in a statement.
"Together with our sports and media assets, we plan to surface more value for shareholders long-term. This agreement also ensures long-term Canadian ownership and investment of these iconic teams."
The sale of Bell’s 37.5% interest in MLSE to Rogers is expected to close in mid-2025.
Bell said it intends to use the proceeds of the sale to reduce its debt levels and to support its “ongoing transformation from telco to techco.”
"We are proud of our time as co-owners of these iconic sports teams, and through this agreement have ensured that fans can count on Bell's continued support of their teams,” Bell Canada president Mirko Bibic said.
“Today's announcement demonstrates that we are focused on creating the financial flexibility to support our ongoing transformation and core growth drivers."
Further, the company announced that Bell Media’s TSN has secured the content rights for the Toronto Maple Leafs and Toronto Raptors for the next 20 years through an agreement with Rogers. The deal is subject to league approvals.