Rogers Communications is recapitalizing its sports and media assets — valued at more than CAD 25 billion — by selling a minority stake to outside investors. The portfolio spans four Toronto franchises and Sportsnet; proceeds will reduce the telecom group’s debt.
In its earnings call for Q1 2026, Rogers Communications has disclosed plans to sell minority stakes in a sports and media portfolio. “We plan to bring in external investors for a minority interest in an entity we estimate will have a value in excess of CAD 25 billion (€16bn),” said President and CEO Tony Staffieri. “We plan to use the proceeds from the sale of this minority interest to pay down debt.”
Rogers CFO Glenn Brandt, himself speaking in the earnings call, said: “We’ve said for some time, we don’t need to own 100% of these assets.”
The portfolio is not yet fully assembled. Rogers expects to complete the acquisition of the remaining 25 percent of Maple Leaf Sports and Entertainment (MLSE) – held by Kilmer Group – in the second half of 2026, at which point it will achieve full ownership.
MLSE controls the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), and Toronto FC (MLS). The Blue Jays (MLB) and Sportsnet, Rogers’ sports broadcasting network, would form part of the combined vehicle. By Sportico’s current valuations, the Raptors are worth 4.66 billion US dollars (€3.66bn), the Maple Leafs $4.25 billion (€3.64bn), the Blue Jays $2.9 billion (€2.5bn) and Toronto FC $730 million (€625m). The total of CAD 25 billion likely includes Sportsnet and other media assets.
Recapitalization should reach completion in late 2026 or early 2027.
According to BNN Bloomberg, Rogers is simultaneously offering voluntary buyouts to an undisclosed number of employees, which Bloomberg proper reports at around 10,000 – or two-fifths of the total: 25,000 (2025 annual report). Union members and employees of MLSE or the Toronto Blue Jays are reportedly ineligible.
