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Rogers Communications Inc. said it has completed the purchase of Larry Tanenbaum’s remaining 25% stake in Maple Leaf Sports & Entertainment from Kilmer Sports Inc.
With the $4.35 billion deal finalized, the telecommunications giant now owns 100 percent of the sports conglomerate that includes the Maple Leafs, Raptors, Toronto FC and Argonauts.
The company said it plans to create a new Rogers Sports business unit that will include its MLSE properties, along with assets Rogers previously owned, such as the Toronto Blue Jays and other media and entertainment businesses.
Rogers’ portfolio also includes Rogers Centre, Sportsnet and more than 30 other television networks and more than 40 radio stations.
He also announced that Keith Pelley will remain president and CEO of MLSE while assuming additional responsibilities for Rogers Sports, effective immediately, while Mark Shapiro will remain president and CEO of the Blue Jays.
The company previously discussed a plan to monetize its combined sports and media assets, which total more than $25 billion, saying it would sell minority stakes in the portfolio to other investors by the first half of 2027 and use the proceeds to pay down debt.