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It’s official: Rogers, Bell buy majority stake in MLSE
Canada’s two largest telecommunications companies are close to buying a majority stake in Maple Leaf Sports and Entertainment Ltd., including the National Hockey League’s Toronto Maple Leafs, in a joint bid estimated to be worth about $1.4-billion that could be announced as early as Friday.
A source with knowledge of events said that Rogers Communications Inc. and BCE Inc. have an agreement in principle that would split the majority 79.53% stake in MLSE currently owned by the Ontario Teachers Pension Plan.
Larry Tanenbaum, the Toronto-based construction magnate who owns the remaining 20.47% of MLSE, would remain chairman as a condition of his support for the transaction contemplated by Rogers and Bell. As part of a shareholders’ rights agreement, Mr. Tanenbaum has first right of refusal on any attempted sale, and would have to approve any changes to the partners’ accord, including dividing the much-coveted broadcast and Internet assets. (Photo: Brett Gundlock/National Post)
