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National Post Sports

It’s official: Rogers, Bell buy majority stake in MLSECanada’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)

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)