DAILY NEWS May 2, 2012 4:45 PM - 0 comments

Competition Bureau Will Not Challenge Rogers/Bell's Acquisition of MLSE

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2012-05-02

The Competition Bureau confirmed today that it has no plans to challenge Bell and Rogers' acquisition of an ownership position in Maple Leaf Sports and Entertainment, while noting that the Competition Act provides a one-year period following completion of such transactions during which it can bring the matter before the Tribunal.

MLSE is Canada's largest sports and entertainment company and owner of the premier professional sports teams in Canada's largest marketplace: The Toronto Maple Leafs, Toronto Raptors, Toronto Marlies and Toronto FC. On December 9, 2011, Bell announced it had, in a joint ownership arrangement with Rogers Communications Inc., agreed to purchase a net 75% ownership position in MLSE from Ontario Teachers' Pension Plan Board. Bell's cash commitment will total $525 million, or $398 million assuming the completion of a leveraged recapitalization of MLSE.

The acquisition secures on a long-term basis access to TV, mobile, digital online and radio broadcast rights for both Bell and Rogers to MLSE's sports teams. The transaction is expected to close in mid-2012 following Canadian Radio-television and Telecommunications Commission and sports league approvals.


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