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Rogers looks for cost savings in sports portfolio after becoming MLSE majority owner

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Rogers Communications Inc. hopes to find “revenue and cost synergies” in its expanded portfolio of sports assets after becoming the majority owner of Maple Leaf Sports & Entertainment.

The Toronto-based telecom company believes its stock price undervalues its media and sports holdings and says it is “pursuing all options … to monetize and surface the very substantial unrecognized market value” of those assets.

Earlier this month, Rogers completed its $4.7-billion deal with rival BCE Inc. to buy its 37.5 per cent stake in MLSE. The acquisition, which closed July 1 after receiving the necessary regulatory and league approvals, made Rogers the majority owner of the sports conglomerate that owns the NHL’s Maple Leafs, NBA’s Raptors, CFL’s Argonauts, MLS’ Toronto FC and AHL’s Marlies.

Rogers also owns MLB’s Toronto Blue Jays.

“On sports and media, it’s clear that there is significant underlying value and we are squarely focused as we put the assets together … to continue to strengthen our balance sheet,” said Rogers president and CEO Tony Staffieri on a conference call Wednesday, as the company reported its latest earnings.

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“The second part of our task is to surface the value for shareholders. We continue to work through the various options and the good news is we have very good options in front of us.”


Click to play video: 'Rogers signs $11B deal to extend its NHL broadcast rights through 2037-38'


Rogers signs $11B deal to extend its NHL broadcast rights through 2037-38


Staffieri said it was premature to provide further insight about possible “synergies” within MLSE, but that Rogers would likely share details of its plans before the end of 2026.

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He said Rogers has “a very good track record” in finding ways to operate more efficiently, pointing to its 2023 merger with Shaw Communications Inc.

“We went into this transaction with a view that we could execute on very strong synergies across our sports and media properties and certain things that need to happen before we can execute on those,” he said.

“But the thinking, the planning is underway and at the right time … we can be more specific.”

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Some industry watchers have speculated about the potential for Rogers to eventually fold the Blue Jays and related stadium assets into MLSE — an option floated by one analyst on the conference call who questioned if that’s where Rogers might stand to eliminate “redundant costs” within its sports portfolio.

“I expect that as we roll in the Toronto Blue Jays’ Rogers Centre with Scotiabank Arena and the other venues within MLSE and the sports teams within MLSE, we will find revenue and cost synergies,” chief financial officer Glenn Brandt replied.

Meanwhile, the company updated its financial guidance on Wednesday to reflect the MLSE deal. Rogers now expects service revenue to increase three to five per cent year-over-year in 2025, up from its previous forecast of zero to three per cent growth, as a result of the anticipated contribution from MLSE.


Click to play video: 'Masai Ujiri out: MLSE CEO defends decision to oust Toronto Raptors President'


Masai Ujiri out: MLSE CEO defends decision to oust Toronto Raptors President


Rogers reported its second-quarter profit declined compared with a year ago as a result of higher restructuring, acquisition and other costs. The company said it earned $148 million or 29 cents per diluted share attributable to shareholders for the quarter ended June 30.

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The result was down from a profit of $394 million or 73 cents per share in the same quarter last year.

Restructuring, acquisition and other costs totalled $238 million in the quarter, up from $90 million a year ago.

Revenue for the three-month period totalled $5.22 billion, up from $5.09 billion a year earlier. Wireless service revenue was up one per cent from a year ago as its subscriber base grew, while wireless equipment revenue increased 13 per cent, primarily as a result of higher device sales to existing customers.


Media revenue rose 10 per cent, boosted by strong NHL playoff audiences on Sportsnet and the launch of the Warner Bros. Discovery suite of television channels. Cable revenue was up one per cent.

On an adjusted basis, Rogers earned $1.14 per diluted share, down from $1.16 per diluted share in the second quarter of 2024.

The results came as the company reported 61,000 total mobile phone net subscriber additions, including 35,000 postpaid — down from 112,000 postpaid additions in the same quarter last year.

Rogers’ monthly churn for net postpaid mobile subscribers — a measure of those who cancelled their service — was 1.00 per cent, down from 1.07 per cent during its previous second quarter.

Scotiabank analyst Maher Yaghi said the results were “broadly in line with expectations.”

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“Wireless subscriber loading was relatively healthy given continued Canadian market normalization as a result of lower population growth,” he said in a note.

“While financial results do clearly show the impact from significant pricing pressures, we believe recent price ups which we saw since early June provide a more positive backdrop for the industry.”

The company recorded 26,000 prepaid net additions in the quarter, compared with 50,000 prepaid subscriber additions in the second quarter of 2024.

Meanwhile, Rogers’ mobile phone average monthly revenue per user was $55.45, down from $57.24 in the second quarter of the prior year.

Retail internet net additions totalled 26,000.

&copy 2025 The Canadian Press





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‘He was the catalyst’: Toronto referee remembers Hulk Hogan, the man behind the myth

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Even as Hulkamania was catching fire around the world, former WWE referee Jimmy Korderas says Hulk Hogan always treated him like “one of the boys.”

When Korderas joined what was then called the WWF in 1985, one of his first jobs was picking up wrestlers from the airport and driving them to Toronto’s Maple Leaf Gardens.

“Hulk was one of the first guys I had to pick up, and right away, he made me feel comfortable and at home, like I belonged,” says Korderas, a Toronto native.

On one occasion, while giving Hogan and his then-wife Linda a ride, Korderas caught Hogan’s eyes in the rear-view mirror as Linda gushed about Toronto.

“The entire time Linda was talking about how beautiful the city is, this is her first time, oh my goodness. I could see Hulk’s eyes going, ‘Oh boy,’” he laughs.

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“When we got to the building, he pulled me aside and said, ‘Brother, I’m sorry.’ I said, ‘For what?’ He said, ‘She kept going on and on.’ I got a chuckle out of it and so did he. That’s the nature he had … Here’s this megastar and he’s concerned about my needs.”

Hogan, born Terry Gene Bollea, died Thursday at 71.

Known for his stars-and-stripes swagger, handlebar moustache and chest-thumping catchphrases, Hogan was the face of professional wrestling’s golden era and one of the most recognizable pop culture figures of the 1980s.

Korderas would referee many of Hogan’s matches over the years and says he felt “like a kid in a candy store” doing so.


Click to play video: 'Hulk Hogan died in hospital after police responded to ‘medical-related issue’'


Hulk Hogan died in hospital after police responded to ‘medical-related issue’


“You’re trying to curb your emotions while you’re out there trying to do your job, but at the same time you’re thinking, ‘Oh my God, I’m in here with Hulk Hogan,’” says the 63-year-old, reached by phone Thursday in Toronto.

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“He was the guy. He was the catalyst. If it wasn’t for him, I don’t think wrestling would have taken off the way it did, hit the mainstream the way it did and become the global juggernaut it is today.”

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Korderas vividly recalls officiating several hard-hitting bouts between Hogan and Mr. Perfect, but one that looms especially large is the inaugural Survivor Series in 1987, when Hogan’s team battled André the Giant’s in a stacked main event.


“I have this picture of myself and (referee) Joey Marella in the ring trying to keep André the Giant and Hulk Hogan separated,” he says.

“Other guys got a great reaction from the crowd, whether it was cheering or booing, but it was different when Hogan entered the ring … He would flex for the crowd, he’d put his hand to his ear, he would pose and that got incredible reactions. He knew it was more about the entertainment aspects as opposed to the actual technical aspect of pro wrestling.”

Years later, Hogan reminded the world of his unmatched ability to command a crowd at WrestleMania X8 in Toronto in 2002, when he faced Dwayne (The Rock) Johnson in a blockbuster showdown. Hogan was firmly in his villainous “Hollywood” persona, while The Rock was WWE’s top babyface — but the Toronto crowd flipped the script and threw its support behind Hogan.

While Korderas didn’t referee the match, he snuck out to watch it live and says several wrestlers did the same.

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“The crowd literally got them to call an audible and switch roles. They were backing Hogan because they remember him as their superhero from the past,” he recalls.


Click to play video: 'Wrestling legend Hulk Hogan dead at 71'


Wrestling legend Hulk Hogan dead at 71


“Ask anybody who was there, whether they were in the crowd or in the locker room, that building was literally shaking on its foundations when those two were staring off across the ring.”

Behind the scenes, Korderas says Hogan treated him like “part of the locker room” — ribbing included.

During the ’80s, then-CEO Vince McMahon enforced a strict no-smoking policy in WWE. Korderas remembers sneaking a cigarette before stepping into an elevator — only to find McMahon, Hogan, Brutus (The Barber) Beefcake and several other wrestlers already inside.

“The entire ride down, Vince is reading me the riot act about how bad smoking is,” Korderas says.

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“While he’s doing that, Hulk was giving me little elbow shots in the back, so I’m jerking forward. Vince is like, ‘Are you all right? What’s wrong with you?’ I said, ‘No, I am good.’ And the whole time, they’re all laughing. So Hulk was a bit of a prankster at times.”

But Hogan was also a controversial figure at times. In 2015, WWE terminated his contract after leaked audio captured him using a racial slur and describing himself as “a racist, to a point.” He later issued a public apology.

Korderas says the news “disappointed” him, and that he had “never witnessed that side” of Hogan.

“It’s hard when you hear that stuff about people who you consider friends,” he says.

“It makes me feel sad to see that side.”

Still, he says it’s tough to deny Hogan’s role in reshaping the wrestling industry.

“The business of wrestling may not be as hot and as popular as it is today if it wasn’t for him, because he is arguably the main reason why it is so,” Korderas says.

“Take the other stuff away from it, the controversies — you can’t deny that he was the catalyst for this.”





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Hockey players’ acquittal reverberates in southwestern Ontario city after ruling

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The acquittal of five former members of Canada’s world junior hockey team who were accused of sexual assault continues to reverberate in the southwestern Ontario city where their high-profile trial played out.

Dozens gathered outside the London, Ont., courthouse Thursday evening to show support for the complainant, while rallies earlier in the day saw a mix of supporters for the woman and the players.

Michael McLeod, Carter Hart, Alex Formenton, Dillon Dube and Callan Foote were all acquitted of sexual assault, and McLeod of a separate charge of being a party to the offence of sexual assault, in a ruling the defence deemed a “resounding vindication.”

Ontario Superior Court Justice Maria Carroccia found the complainant’s testimony was not credible or reliable, and that there were “troubling aspects” in how she delivered some of her evidence.

The judge said the complainant tended to blame others for inconsistencies in her narrative and exaggerated her level of intoxication that night.

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Carroccia said she found there was “consent not vitiated by fear,” noting the absence of physical force, violence or threats during the 2018 encounter.

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Stephanie Richardson, who participated in the Thursday evening rally, said she was “disappointed and frustrated” after the ruling, but took solace in the solidarity on display at the gathering.

“It’s a very positive tone,” she said.


Click to play video: 'Why the judge acquitted all 5 former Hockey Canada players in sex assault trial'


Why the judge acquitted all 5 former Hockey Canada players in sex assault trial


Jessica Bonilla-Damptey, director of the Sexual Assault Centre (Hamilton and Area), also took part in the event and said the show of support was uplifting.

The ruling came roughly seven years after the incident that led to the charges — an encounter that took place in a hotel room in the early hours of June 19, 2018.

The incident first came to the public’s attention in 2022, after TSN reported that Hockey Canada had quietly settled a lawsuit filed against the sports organization and eight unnamed players for an undisclosed amount.

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Court heard the organization moved ahead with the settlement without the players’ knowledge or agreement.

David Humphrey, who represents McLeod, said after Thursday’s ruling that the “one-sided narrative” laid out in the lawsuit unfairly shaped public perception for years and created a lasting and false impression of guilt that harmed his client’s reputation and career.


Click to play video: 'Protestors gather as judge gives ruling in World Junior hockey sexual assault trial'


Protestors gather as judge gives ruling in World Junior hockey sexual assault trial


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Simply Delicious Recipe: Rustic Cherry and Ricotta Dip – Toronto

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Follow along with Susan Hay and certified cheese master Afrim Pristine, co-owner of Cheese Boutique as he prepares a Rustic Cherry and Ricotta Dip.

Ingredients

  • 1 pint cherries, halved and pitted
  • 3 tsp honey
  • 2 tsp red wine vinegar
  • Flaked salt
  • Black pepper
  • 1 cup ricotta cheese whipped
  • A few mint leaves finely chopped
  • 1/2 cup Marcona almonds roughly chopped
  • Serve with crusty bread
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Instructions

In a mixing bowl, toss cherries, honey, red wine vinegar, flaked salt and pepper and gently incorporate together. Spoon ricotta into a bowl. Top with cherries and the liquid, add crushed Marcona almonds and mint as garnish Lastly, add a pinch of flaked salt. Spread the cherry and ricotta mixture into crusty bread and enjoy!






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