Rogers Just Bought the Rest of MLSE for $4.35 Billion and Now Controls the Raptors, Leafs, and More

Rogers Communications is going all in on Toronto sports. The telecom giant struck a deal to buy the final 25 percent of Maple Leaf Sports & Entertainment from Kilmer Sports Inc. for C$4.35 billion. When league approvals come through — expected by late 2026 — Rogers will own the whole operation: the Raptors, Maple Leafs, Toronto FC, the Argonauts, and the Marlies, plus Scotiabank Arena and stakes in BMO Field and Coca-Cola Coliseum.

This move caps a long consolidation. Rogers already grabbed BCE’s 37.5 percent share in 2025 for C$4.7 billion, bumping its total to 75 percent. That earlier deal valued MLSE at roughly C$12.5 billion. The new purchase price suggests the company’s worth has jumped to around C$17.4 billion in just over a year.

What Rogers Gets for Its Money

MLSE isn’t just a collection of teams. It’s the dominant sports and entertainment force in Canada’s biggest market. The company runs the arena where the Leafs and Raptors play, manages two other venues, and holds broadcasting stakes through Sportsnet. Rogers already owns the Blue Jays, Rogers Centre, and a national NHL rights package that starts next season — a 12-year, C$11 billion deal. Throwing MLSE into that mix creates a pretty neat monopoly on Toronto pro sports.

CEO Tony Staffieri called the deal a defining moment. In a statement, he said full ownership strengthens Rogers’ long-term growth plan. The company also promised fans cheaper ticket options, more availability, and giveaways. Whether that actually materializes is another question, but that’s the pitch.

The Financial Play Behind the Takeover

Rogers plans to combine MLSE with its existing sports and media assets — the Jays, Sportsnet, the whole bundle — then sell a minority stake in that combined entity within the next year. Staffieri has hinted the whole thing could be worth north of C$20 billion. Proceeds from that sale would go toward paying down debt. The C$4.35 billion buyout itself is being financed through committed liquidity, per the company.

Larry Tanenbaum, who sold his Kilmer stake, isn’t walking away from sports entirely. He still owns the expansion WNBA team Toronto Tempo and recently became the first Canadian investor in the Professional Women’s Hockey League. So he’s still in the game, just not at MLSE.

Rogers also maintains partnerships with the Canucks, Oilers, Flames, the NHL, NBA, MLB, and Live Nation. The new NHL broadcast deal kicks in with the 2026-27 season, right around when this MLSE acquisition is supposed to close. Coincidence? Probably not.