Bell and Rogers complete purchase of MLSE

Copied from Media in Canada - Money

BCE and Rogers Communications have announced that the companies’ deal to purchase Maple Leaf Sports and Entertainment has finalized, according to releases from all parties involved.

The deal, which includes the Toronto Raptors, Toronto Maple Leafs, Toronto Rock and Toronto FC, has been cleared by all the required sports leagues. This step was the last hurdle in completing the $1.32-billion purchase of the majority stake in MLSE by the two telcos from the Ontario Teachers’ Pension Plan.

Kilmer Sports Inc. (KSI), which is owned by MLSE chairman Larry Tanenbaum, has increased its 20.5% ownership stake in MLSE to 25% as part of the transaction.

Last week, the CRTC announced that it had approved the transfer of the channels owned by MLSE to Rogers Communications and Bell Media, which include the Toronto Maple Leafs Network, Toronto Raptors Network and Gol TV (Canada). In May of this year the Competition Bureau released a statement saying it has no intention to challenge the deal.

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