Nov 15, 2026
At the start of October, telecom giant Rogers Communications (TSX:RCI) completed its $4.35-billion purchase of Maple Leaf Sports & Entertainment’s (MLSE). By purchasing the last 25% Larry Tanenbaum’s Kilmer Sports Inc. empire, Rogers effectively took full ownership of North America’s premier sports and real estate company.
The buyout also meant that Rogers became the sole owner of Ontario’s sports teams: the Argonauts, Blue Jays, Maple Leafs, Raptors, and Toronto FC.
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When you add this recent acquisition to the Rogers empire, which includes the Rogers Centre and Sportsnet, the combined sports-media business is now valued at more than $25 billion.
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The acquisition was a big deal — not just because it broadens the communication companies scope in the sports world, but because of rumours on how the company planned to address its growing debt. Turns out Rogers’ leadership plans to sell pieces of the business to outside investors — with the intention of using the revenue to repay debt.
For current shareholders and interested investors, here’s what the potential resale of Rogers’ assets could mean.
How does the acquisition of MLSE position Rogers?
Prior to the October acquisition, Rogers and its parent company, Bell Canada Enterprises (BCE) each owned 37.5% of MLSE, while Kilmer held the remaining 25%. This latest transaction was the final step in a two-part buyout.
In July 2025, Rogers took 75% ownership after closing a $4.7-billion deal to buy Bell’s share. In the second part, Rogers used an option to fully buy out Kilmer, paying $4.35 billion in cash, and funded using short-term credit.
These two recent acquisitions means that Rogers is the majority stakeholder in MLSE — prompting a move to establish a new business: Rogers Sports. This new business, now includes:
- MLSE: The Argonauts (CFL), Maple Leafs (NHL), Raptors (NBA), Toronto FC (MLS), and the Scotiabank Arena
- The Toronto Blue Jays (MLB) and the Rogers Centre
- Sportsnet, plus Rogers’ additional TV and radio businesses
MLSE President and CEO Keith Pelley will also take on added responsibilities for Rogers Media.
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Is Rogers’ new sports business really worth $25 billion?
The $25-billion number reflects Rogers’ own estimate, rather than a true market price. Rogers CEO Tony Staffieri initially put the value at over $25 billion on the company’s earnings call in April 2026, covering MLSE, the Blue Jays, Rogers Centre, and Sportsnet inclusively.
The Kilmer price supports part of that claim — paying $4.35 billion for 25% suggests a $17.4-billion price tag for MLSE alone. That’s 39% more than the $12.5-billion value estimated in the Bell purchase.
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Scotiabank’s Managing Director and Telecom/Media Analyst Maher Yaghi said the price “sets a new benchmark valuation.” Money.ca reached out to Scotiabank for comment from analyst Yaghi Maher. No response was provided.
However, Rogers leadership argues the stock price isn’t a clear reflection of what the teams under its ownership are truly worth, and a sale to outside investors would show their new value.
To this point, Rogers leadership highlights that its sports sector continues to grow, with third quarter revenue rising 9% to reach $821 million — helped by Blue Jays fans filling in more than 97% of seats in the Rogers Centre.
How could the acquisition affect Rogers shareholders?
The most important question is Rogers’ debt.
The company borrowed money to buy MLSE, and its debt-to-equity ratio sat at 3.7 times its annual earnings at the end of September. Rogers’ goal is to sell a minority stake in Rogers Sports by the first half of 2027, earmarking that money to repay its debt.
If the final price on that sale is as strong as Rogers hopes, it could ease some of the pressure on the balance sheet, and show investors the true value of its sports assets. But Rogers itself warns there’s never a guarantee of a sale — the final number could be lower, and a closing deal could take longer than expected.
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This is an importance consideration given the slowdown in the mobile phone industry. For Rogers, only 6,000 postpaid mobile phone customers were added in the third quarter, a drop from 62,000 customers a year earlier. The average monthly revenue for each wireless user also fell from $56.70 to $55.22.
For now, investors will be pleased that Rogers is holding its quarterly dividend steady, around 50 cents per share towards the end of 2026.
What can investors do?
Whether you own Rogers stock directly or through a fund, several steps can help you stay on top this developing story:
- Watch the stake sale. The key test to Rogers’ $25-billion claim will come down to the price Rogers gets from investors to own a piece of Rogers Sports. Watch for updates in its quarterly results.
- Check what you own. Rogers trades on the TSX under ticker symbol RCI.A and RCI.B. Many Canadian ETFs hold it too, so you may already own some.
- Look past the teams. Keep in mind that most of Rogers’ revenue comes from wireless and internet customers. Slower growth in this sector matters more than a team’s winning season.
- Don’t get wrapped up in the fandom. Love the Leafs or the Jays, but team loyalty isn’t a reason to buy stock. Be sure the stakes you hold in any one company make up only a part of a diversified portfolio.
- Reach out for advice from a professional. If Rogers shares make up a large part of your Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA), weigh the risks with a licensed financial advisor before making a decision.
Over the next year, Rogers is betting that owning part of Toronto’s major-league teams will pay off for its shareholders. Time will tell if outside investors agree with the $25-billion price tag.
Until then, Rogers still earns most of its revenue through mobile and internet. Keep your eye on both sides of the business — and avoid letting one big team win drive your investing decisions.
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Melanie is an editor and fact checker who is passionate about proofreading and editing personal finance content. She specializes in breaking down complex topics into easily digestible details to help people make wise financial decisions.
