Rogers Sports Empire
Rogers Finalizes Full MLSE Ownership, Consolidating Toronto's Major Sports and Media Assets
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Key Points
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In 2026, reports indicated the Kilmer stake buyout would value MLSE at about $4.35 billion, with closing expected in the final quarter of 2026 and subject to league approvals.
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Rogers previously acquired BCE's 37.5% MLSE stake in 2024, a key step that preceded the current full consolidation.
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Rogers plans to fold Sportsnet into the MLSE umbrella, effectively creating a single sports-media behemoth by bringing the Blue Jays under MLSE's ownership and distribution framework.
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Globe & Mail coverage notes Rogers intends to invest in expanding affordable options and access to tickets for fans as part of the consolidation.
Rogers Communications has agreed to buy the remaining 25% of Maple Leaf Sports & Entertainment (MLSE) from Kilmer Sports for C$4.35 billion, according to CBC. The deal would make Rogers the sole owner of one of North America's most valuable sports empires, which includes the Toronto Maple Leafs, Raptors, and Argonauts.
The transaction is expected to close in the fourth quarter of 2026, pending approval from the NHL, NBA, and CFL, Broadcast Dialogue reported. Rogers already held a 75% stake in MLSE after buying BCE's 37.5% share in 2024.
Rogers Pays C$4.35 Billion for Full MLSE Control
The C$4.35 billion price tag values MLSE as one of the priciest sports assets in Canadian history. Rogers is buying the stake from Kilmer Sports, the vehicle of billionaire Larry Tanenbaum, Castanet reported. Tanenbaum had held his minority share for decades.
Rogers CEO Tony Staffieri said full ownership would "unlock long-term value" for the company. The deal brings every major Toronto pro sports team under one corporate roof for the first time. Rogers also owns the Toronto Blue Jays, who will now sit alongside the Leafs and Raptors under the MLSE umbrella, according to Media in Canada.
Sportsnet and Blue Jays Fold Into a Sports-Media Giant
Rogers plans to fold Sportsnet, its national sports TV network, into the MLSE structure. That would link content, distribution, and teams under a single owner. No other Canadian company has controlled this many pieces of the sports-media chain at once.
The Blue Jays will also move under the MLSE ownership framework, Broadcast Dialogue reported. Rogers says the combined entity will let it invest more heavily in its teams and offer fans more access to games across its platforms.
Minority Stakes to Be Sold After the Deal Closes
Rogers does not plan to hold 100% of the combined sports and media assets forever. The company says it will sell minority stakes in the consolidated group within the next year, according to GURUfocus. That could bring in outside investors while keeping Rogers firmly in charge.
The strategy mirrors moves by other major sports conglomerates, which often sell small stakes to pension funds or private equity firms. Rogers has not yet named any potential buyers for those minority positions.
Rogers Promises Cheaper Tickets and Fan Investment
As part of its pitch to regulators and fans, Rogers says it will expand affordable ticket options. The company wants to make it easier for everyday fans to get into games at Scotiabank Arena and BMO Field. No specific price targets or caps have been announced yet.
Critics have raised concerns about one company controlling the Leafs, Raptors, Argonauts, Blue Jays, and Sportsnet all at once. League approvals from the NHL, NBA, and CFL are still required before the deal can close, CBC noted. Rogers says it expects no major hurdles.
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