Rogers Closes $4.35B MLSE Acquisition, Creates Rogers Sports Unit
RCI is trading near its 52-week low of $30.145 (1.6% above the low).
Summary
Rogers completed its acquisition of the remaining 25% of Maple Leaf Sports & Entertainment for C$4.35 billion, taking full ownership of the Toronto Maple Leafs, Raptors, and other assets. The deal was first announced in July and now closes as expected. Rogers is creating a new business unit, Rogers Sports, to combine MLSE with the Blue Jays and media assets. Keith Pelley stays as MLSE CEO and adds oversight of Rogers Media. This consolidates Rogers' position as Canada's dominant sports and entertainment owner, though the financial impact was already largely priced in when the agreement was announced.
At the time of this announcement, RCI was trading at $30.62 on NYSE in the Trade & Services sector, with a market capitalization of approximately $16.6B. The 52-week trading range was $30.15 to $41.14. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.