Oct 17, 2026
Rogers Communications (TSX:RCI) says its sports and media portfolio is worth more than $25 billion. For shareholders, the sale could bring in cash to pay down Rogers’ debt while giving investors a clearer picture of what its sports assets are worth.
But the valuation is Rogers’ own estimate, and the eventual sale will provide a clearer test of what outside investors are willing to pay.
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The portfolio brings together some of Canada’s most recognizable sports properties, including the Toronto Maple Leafs, Raptors and Blue Jays, alongside Sportsnet and other media and entertainment assets. Rogers wants to bring these businesses together under a single unit and unlock value it believes the market is overlooking.
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Rogers says the market isn’t recognizing the value
During Rogers’ first-quarter 2026 earnings call on April 22, Cormark Securities analyst David McFadgen challenged CEO Tony Staffieri on the $25-billion estimate, pointing out that Rogers’ stock price wasn’t reflecting anything close to that value.
“Absolutely, the value is not captured in our share valuation today,” Staffieri replied on the call.
He said the estimate draws on publicly available valuations from Forbes and Sportico for sports teams, alongside estimates for Rogers’ concert business and media assets, including Sportsnet and Sportsnet+. Staffieri described the estimate as conservative.
That’s management’s assessment, however, not proof that Rogers shares are undervalued. The value of the combined portfolio will depend in part on what outside investors are prepared to pay for a stake in it.
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Why Rogers wants outside investors
Rogers completed its acquisition of the remaining 25% stake in Maple Leaf Sports & Entertainment (MLSE) on Oct. 1, paying $4.35 billion to acquire the interest from Kilmer Sports. MLSE owns the Maple Leafs, Raptors, Toronto FC and Toronto Argonauts, as well as Scotiabank Arena and other assets.
Rogers also owns the Blue Jays, Rogers Centre and Sportsnet. By bringing these holdings together, the company aims to create a single sports and media portfolio in which it can sell a minority interest without giving up control.
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The plan is also about debt reduction. Rogers has said it intends to use proceeds from the minority-stake sale to pay down borrowings. That could strengthen its balance sheet, although the impact will depend on how much the transaction raises and how much debt the company repays.
Rogers reported a debt leverage ratio of 3.8x at June 30, 2026, in its second-quarter financial results. Lower debt could reduce financing pressure on a business that also requires substantial ongoing investment in its wireless and cable networks.
What should Rogers shareholders watch?
The eventual deal will give investors a clearer picture of what Rogers’ sports and media portfolio is worth. The key details will be the price outside investors are willing to pay, the size of the stake Rogers sells and how much cash the company raises.
Shareholders should also watch how Rogers uses the proceeds. Paying down debt could ease financing pressure and strengthen the balance sheet, but selling part of the portfolio also means sharing its future earnings with outside investors.
Ultimately, the $25-billion estimate is only one part of the story. What matters to shareholders is whether the deal improves Rogers’ financial position while allowing it to retain enough of the portfolio’s future value.
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Steven Brennan is a freelance finance writer based in Vancouver, BC. He holds a BA and an MA from Maynooth University, Ireland. His work regularly appears at Canadian Mortgage Trends, Lowest Rates, Loans Canada and other Canadian and U.S. brands.
