Competition Bureau completes review of Rogers' acquisition of ownership position in Maple Leaf Sports and Entertainment (MLSE), announces it does not plan to challenge
TORONTO, May 2, 2012 /CNW/ – The Competition Bureau confirmed today that it does not plan to challenge Rogers’ acquisition of an ownership position in Maple Leaf Sports and Entertainment (MLSE). The Competition Bureau noted that it has one year following completion of such transactions during which it can bring the matter before the Competition Tribunal.
MLSE is Canada’s largest sports and entertainment company, delivering top quality sports and entertainment experiences to fans. MLSE owns and operates the Air Canada Centre, the Toronto Maple Leafs, the Toronto Raptors, the Toronto FC and the Toronto Marlies. Rogers announced on December 9, 2011 that it, along with Bell Canada, is jointly acquiring a net 75 per cent stake in MLSE from the Ontario Teachers’ Pension Plan. Rogers’ net cash commitment, following a planned leveraged recapitalization of MLSE, will total approximately $533 million, representing a 37.5 percent equity interest in MLSE.
The investment advances Rogers’ strategy to deliver highly sought- after content anywhere, anytime, on any platform across its broadband and wireless networks and its media assets, while strengthening the value of its sports brand, Sportsnet. The acquisition secures long-term access to TV, mobile, digital online and radio broadcast rights for both Rogers and Bell to MLSE’s sports teams.
The transaction is expected to close in mid-2012 following Canadian Radio-television and Telecommunications Commission (CRTC) and sports league approvals.
About the Company:
Rogers Communications is a diversified Canadian communications and media company. We are engaged in wireless voice and data communications services through Wireless, Canada’s largest wireless provider. Through Cable, we are one of Canada’s leading providers of cable television services as well as high-speed Internet access and telephony services. Through Media, we are engaged in radio and television broadcasting, televised shopping, magazines and trade publications, and sports entertainment. We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For further information about the Rogers group of companies, please visit www.rogers.com.