Rogers & Bell To Buy MLSE...

[Coddfish]

MLSE to respond to Bell-Rogers sale reports

Rogers, Bell close to buying MLSE | Sympatico.ca Sports

Bell, Rogers rumoured to buy MLSE majority stake | CTV Toronto

I thought the Teachers Pension said that they weren't going to sell their stake, after all...

[Coddfish]

From CTV News:

Bell, Rogers buy majority stake of MLSE

ctvtoronto.ca

Date: Friday Dec. 9, 2011 9:38 AM ET

Two Canadian telecommunications giants purchased major stakes in the Toronto Maple Leafs' parent company on Friday in one of the largest sales of sports assets in Canadian history.

Bell Canada Enterprises and Rogers Communications have grabbed nearly 80 per cent ownership of Maple Leaf Sports and Entertainment from the Ontario Teachers' Pension Plan.

According to a Friday morning new release, Bell and Rogers purchased the majority of the 79.5 per cent stake that had been held by the OTPP.

Each company will receive 37.5 per cent of MLSE, with the remaining portion being picked up by minority stakeholder Kilmer Sports.

Kilmer Sports, owned by MLSE chairman Larry Tanenbaum, will increase its share from 20.5 per cent to 25 per cent in the deal.

According to reports, the sale is worth a combined $1.32 billion.

"MLSE teams are among the most popular major-league franchises in North America, iconic sports brands watched and loved by millions of fans across our nation," George Cope, President and CEO of Bell Canada and BCE said in a statement.

"As Canada's largest and most established communications company, Bell is proud to be part of this all-Canadian acquisition of a world leader in sports and entertainment."

The transactions are expected to close in mid-2012 following league approval.

Maple Leaf Sports and Entertainment (MLSE) owns the NHL's Leafs as well as the NBA's Toronto Raptors, Major League Soccer's Toronto FC, the Air Canada Centre and other assets.

"I am excited to welcome our new partners Bell and Rogers," Larry Tanenbaum, Chairman, Maple Leaf Sports and Entertainment, said in a statement.

"I am proud this is a Made-in-Canada deal that will bring resources and expertise to help us win on and off the ice, court and pitch. This is a terrific path forward for our teams and our fans. It will ensure MLSE continues to make a positive impact in Toronto and across this great country of ours."

The sale came as a bit of a surprise, just weeks after the Teachers' publicly announced that its stake in MLSE was no longer for sale.

Over the past month, a group led by former hockey superstar Wayne Gretzky was named as a potential buyer, as well as the U.S. private equity firm Providence Equity Partners – the firm behind the Yankees Entertainment and Sports Network.

Rogers Communications, which already owns the Toronto Blue Jays, has long been a rumoured suitor.

Bell Media owns several national television channels including CTV, TSN, TSN2 and NHL Network Canada and sports radio stations across the country.

Link:
Bell, Rogers buy majority stake of MLSE | CTV Toronto

[sperminator]

yay! now i can watch the leafs lose under the ownership of 2 bitter rivals.;) i don't see how 2 competing companies can run the leafs. also, bell owns the habs. i don't want to see talent being given to the habs when the talent should only go to our leafs.:(