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Rogers Communications will become the majority owner of MLSE — the parent company of franchises including the Toronto Maple Leafs and Raptors — after agreeing to buy 37.5 percent of the organization.

Rogers announced Wednesday that the acquisition, which is expected to close in mid-2025, will double its interest in Maple Leaf Sports and Entertainment to 75 percent ownership. Rogers is paying about $3.5 billion in U.S. dollars to purchase the stake from Bell Canada Enterprises.

MLSE also is the parent company of Toronto FC of Major League Soccer and the Toronto Argonauts of the Canadian Football League.

Rogers owns the Toronto Blue Jays, exclusive of this deal.

The deal is pending approval from each league.

In a news release, Bell said it will use the proceeds to reduce its debt and to help pay for its transition from a telecommunications to a technology company.

“We are proud of our time as co-owners of these iconic sports teams, and through this agreement have ensured that fans can count on Bell’s continued support of their teams,” Mirko Bibic, the company CEO, said in a statement. “Today’s announcement demonstrates that we are focused on creating the financial flexibility to support our ongoing transformation and core growth drivers.”

As part of the deal, Bell and Rogers agreed TSN will retain the broadcast rights to the Maple Leafs, Raptors, Argonauts and Toronto FC games.

Rogers and Bell joined forces to buy the majority of MLSE from the Ontario Teachers Pension Plan for less than $2 billion in 2012. Now, the Maple Leafs alone are valued at an NHL-high $2.65 billion, per Sportico.

“MLSE is one of the most prestigious sports and entertainment organizations in the world and we’re proud to expand our ownership of these coveted sports teams,” Rogers CEO Tony Staffieri said, per Sportico. “MLSE continues to appreciate significantly, and together with our sports and media assets, we plan to surface more value for shareholders long-term.”

–Field Level Media