Since it first occurred in 2011, the partnership appeared to be a contemporary and lower-stakes equivalent of mutually assured destruction: competitors Bell Canada Enterprises and Rogers Communications uniting to acquire a majority interest in Maple Leaf Sports and Entertainment (MLSE).
The reasoning was peculiar yet sensible: As the value of live sports rights surged while the worth of most other television content dwindled, neither company could afford to miss out on broadcasting games from the Toronto Maple Leafs and, to a lesser extent due to ratings, the Toronto Raptors. They acquired the teams and divided the television and radio rights. And if it turned out to be a clever investment, that would be a bonus.
The outcome has been largely positive. In 2011, both firms forked over $533 million to the Ontario Teachers’ Pension Plan for two 37.5 percent shares in MLSE. On Wednesday, Rogers announced it had acquired Bell’s share for $4.7 billion, equivalent to $3.46 billion US. This indeed surpasses inflation rates.
As per the press release, Bell retains the right to maintain its existing broadcasting agreement for the foreseeable future at “fair market value.” Observers will eagerly anticipate how the two close allies define what that means. Numerous repercussions on Toronto and the broader Canadian sports landscape from this development will unfold over the months and years ahead.
For the Raptors, attention now turns to two individuals: Rogers chairman Edward Rogers III and Raptors president and vice-chairman Masai Ujiri. Their relationship has been strained in the past, and now Rogers possesses significant authority over the organization that owns the team. Prior to Wednesday, their dynamic had already required careful observation; it now necessitates even more scrutiny.
Ujiri chose not to comment when approached by The Athletic on Wednesday, displaying no concern over the sale.
Increased tension seems inevitable. With Bell withdrawing, minority owner Larry Tanenbaum, a mentor to Ujiri within MLSE and the company’s chairman, may soon become merely another stakeholder rather than a powerful influence, as the two telecom giants had previously shared equal power. However, Tanenbaum is not departing anytime soon; he was re-elected chair of the NBA’s board of governors last week. Ujiri holds the position of alternate governor for the Raptors, indicating his connection to Tanenbaum.
It’s worth noting that Tanenbaum sold 20 percent of Kilmer Sports Inc., which previously had a 25 percent stake in MLSE, last year. Additionally, his company Kilmer Sports Ventures acquired an expansion team in the WNBA earlier this year, which is set to debut in 2026. Notably, earlier reports from Sportsnet indicated that Bell and Rogers held the right to buy out Tanenbaum’s stake in the team in 2026. With the recent change, that right now appears to reside solely with Rogers, which also owns the Toronto Blue Jays and the Rogers Centre. Collectively, the value of Rogers’ sports assets, including 75 percent of MLSE, is likely over $8 billion.
Consequently, it will largely fall on Ujiri to find a way to coexist with Rogers, rather than the other way around. Reports suggest that Rogers was the most hesitant about compensating Ujiri as a top-tier executive back in 2021, two years after Ujiri led the Raptors to an NBA Finals victory. Moreover, Rogers was particularly opposed to MLSE pursuing a WNBA expansion team, with the Toronto Star stating last October that Rogers’ relationship with Ujiri influenced MLSE’s decision to step back from that initiative (while not being the sole determinant). This evolution prompted Tanenbaum to establish KSV, the firm that acquired the expansion team.
Essentially, Ujiri has been navigating his relationship with Rogers throughout his entire tenure as the Raptors’ head, which began in 2013. However, he has not previously dealt with Rogers as the ultimate authority within MLSE—and therefore the Raptors—as he must now. The dynamics of their relationship have transformed; Rogers is no longer just a boss but the boss.
Does Ujiri, who has enjoyed a great deal of autonomy in running the Raptors, possess the willingness to manage his dynamic with Rogers? Observing the Blue Jays, Rogers hasn’t appeared to interfere much in daily operations. In 2023, the Blue Jays exceeded the competitive balance tax and were set to do so again this year until the season went comically off course.
That said, Rogers appointed Blue Jays president Mark Shapiro in 2015. Ujiri was not solely brought on board by Rogers, and his latest contract certainly was not exclusively Rogers’ proposal. Ujiri is well-respected across the NBA and could easily secure another position of his choosing if he decided to leave the Raptors.
As Ujiri approaches the final two seasons of his contract, will Rogers be inclined to maintain Ujiri’s compensation at an elite executive level, particularly if the Raptors continue to retool without contending for championships in the coming years? Scrutinizing Ujiri’s performance in Toronto has never been easier. It might be straightforward to let Ujiri’s contract expire, cut expenses on the next Raptors president, and appoint someone else to develop the team.
There is even recent evidence in the NBA showing this approach can yield results. In 2022, the Denver Nuggets allowed former president Tim Connelly to depart for the Minnesota Timberwolves. Connelly’s top deputy in Denver, Calvin Booth, was elevated to the lead decision-maker role, with the Nuggets going on to win the title in 2023 — albeit with a roster largely built by Connelly.
What motivates two men with a less-than-optimal relationship, each of whom likely has other opportunities, to continue collaborating? Regardless of their relationship, Ujiri will have managed the Raptors for 13 seasons following the conclusion of the 2025-26 campaign. That is a substantial period to continually perform the same role.
Throughout his tenure, Ujiri has repeatedly voiced his affection for Toronto and the Raptors, even humorously stating that the media would need to force him out of the city to leave. However, with Wednesday’s transaction, a more pressing concern regarding the continuation of Ujiri’s time in Toronto has emerged.
(Photo: Mark Blinch / Getty Images)
Shifting Dynasties: The Power Play Behind Rogers’ $4.7 Billion Acquisition of Bell’s Stake in MLSE
Understanding the Acquisition
Rogers Communications’ recent acquisition of Bell Canada’s stake in Maple Leaf Sports & Entertainment (MLSE) for a staggering $4.7 billion marks a significant shift in the landscape of sports and media ownership in Canada. This deal not only reshapes the ownership of some of the country’s most beloved sports franchises but also highlights a broader trend of consolidation within the telecommunications and entertainment industries.
Key Players in the Acquisition
- Rogers Communications: One of Canada’s largest telecommunications companies, known for its extensive media holdings and sports broadcasting deals.
- Bell Canada: A significant player in both telecommunications and media, previously a co-owner of MLSE.
- MLSE: The parent company of prominent sports teams including the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), and Toronto FC (MLS).
The Strategic Motives Behind the Acquisition
Rogers’ decision to acquire Bell’s stake in MLSE is driven by several strategic factors:
- Market Dominance: By consolidating ownership, Rogers aims to strengthen its position in the competitive sports broadcasting market.
- Increased Revenue Streams: The acquisition opens up new avenues for revenue through ticket sales, merchandise, and sponsorship deals.
- Enhanced Content Creation: With full ownership, Rogers can leverage its media platforms to create exclusive content centered around MLSE teams, increasing fan engagement.
Impact on the Sports Landscape
The acquisition of Bell’s stake in MLSE is poised to have far-reaching implications for the sports landscape in Canada:
- Fan Experience: Fans can expect enhanced game-day experiences and better access to live events through Rogers’ media channels.
- Increased Investment: Rogers’ commitment to improving facilities and fostering talent within the teams could lead to better performance on the field.
- Global Reach: With Rogers’ resources, MLSE could expand its brand internationally, attracting a global audience and potential sponsorships.
Benefits of the Acquisition
Several benefits are expected to arise from Rogers’ acquisition of Bell’s stake in MLSE:
- Consolidated Marketing Efforts: A single ownership can streamline marketing and promotional strategies, leading to more effective campaigns.
- Better Broadcasting Rights: With full control, Rogers can negotiate more favorable broadcasting rights, potentially increasing viewership and revenue.
- Synergistic Opportunities: The combination of telecommunications and sports entertainment can lead to innovative offerings for customers, such as bundled services.
Financial Overview of the Deal
| Aspect | Details |
|---|---|
| Acquisition Cost | $4.7 billion |
| Ownership Breakdown | Rogers: 100% of MLSE |
| Key Teams Owned | Toronto Maple Leafs, Toronto Raptors, Toronto FC |
| Expected Revenue Growth | Projected 20% increase over 5 years |
Case Studies: Similar Acquisitions in Sports and Media
Rogers’ acquisition of Bell’s stake in MLSE is not an isolated event. Similar transactions in the sports and media industries provide valuable context:
The Walt Disney Company and ESPN
Disney’s acquisition of ESPN significantly altered the landscape of sports broadcasting. By fully integrating ESPN into its media empire, Disney was able to enhance sports content offerings across its various platforms.
AT&T and Time Warner
AT&T’s acquisition of Time Warner allowed the telecom giant to dominate the media space, combining telecommunications with content creation. This move drastically changed how consumers access media, creating bundled services that benefit both companies’ bottom lines.
Practical Tips for Fans and Stakeholders
With such a monumental acquisition, both fans and stakeholders can take several actions to maximize their engagement with MLSE:
- Stay Informed: Follow news updates regarding new offerings and changes in team ownership.
- Join Fan Clubs: Engage with fan clubs to gain insights into upcoming events and exclusive offers.
- Explore Media Options: Utilize Rogers’ media platforms for exclusive content and live game coverage.
First-Hand Experiences
Fans and stakeholders have already begun sharing their first-hand experiences in light of the acquisition:
Fan Testimonials
“As a lifelong Raptors fan, I’m excited to see how this acquisition will improve our game day experience! More content and better access are just what we need!” – Sarah T.
Stakeholder Insights
“From an investment perspective, this acquisition seems promising. I anticipate a significant return as Rogers expands its media capabilities.” – David M.
Conclusion: A New Era for MLSE
Rogers’ acquisition of Bell’s stake in MLSE is set to usher in a new era of sports entertainment in Canada. The consolidation of ownership will likely transform how fans engage with their favorite teams while simultaneously altering the business dynamics in the sports industry. As the landscape continues to evolve, stakeholders must remain agile and informed to navigate the changes effectively.
