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Rogers looks for cost savings in sports portfolio after becoming MLSE majority owner
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.
“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.”
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.”
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.
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.
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.”
“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.
© 2025 The Canadian Press
TORONTO – Bo Bichette’s two-run homer capped off a wild victory as the Toronto Blue Jays held off the New York Yankees 8-4 on Wednesday.
The victory tied the Blue Jays with the Houston Astros for the best record in the American League.
Myles Straw’s double drove in Ernie Clement for the go-ahead run in the sixth inning as Toronto (60-42) won the three-game series and locked up the tiebreaker between the two AL East rivals.
Vladimir Guerrero Jr. had an RBI double in the fourth, then drove in two more runs in the fifth on a fielder’s choice, as the Blue Jays and Yankees traded leads. Clement’s basehit in the fourth also scored a runner and pinch-hitter Will Wagner plated Straw in the sixth.
Chris Bassitt (11-4) was solid for 7 1/3 innings, striking out eight and allowing four runs — three earned — on three hits and no walks. Relievers Justin Bruihl and Yariel Rodriguez preserved the win.
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Aaron Judge’s two-run homer in the sixth tied the game 4-4 for New York (56-46), but that lead disappeared in the bottom of the inning thanks to Straw and Wagner’s RBIs. Jasson Dominguez had a home run in the second and Anthony Volpe added a solo shot in the fifth.
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Ace Max Fried (11-4) struggled, giving up five runs — four earned — on six hits and three walks, striking out three over 5 1/3 innings.
Jonathan Loaisiga, Scott Effross and JT Brubaker all came out of the visitor’s bullpen, with Effross giving up two runs.
Takeaways
Yankees: The long ball remains the key to success for New York, with all four of its runs coming from homers. The Yankees entered the game with a Major League Baseball-best 162 home runs, five more than the Los Angeles Dodgers. Shohei Ohtani had L.A.’s one homer in its 4-3 win over the Minnesota Twins earlier Wednesday.
Blue Jays: Toronto benefited greatly from New York’s four errors and other fielding miscues, eking out runs on walks, dropped balls, wild pitches, and overthrows. Bichette’s two-run blast — his 13th home run of the year — was the Blue Jays’ cleanest score of the game as Guerrero had led off the inning with a double.
Key moment
Davis Schneider was caught stealing by Yankees catcher J.C. Escarra with one out in the fifth inning. A video replay overturned the call on the field, however. George Springer drew a walk in the next at bat and Guerrero drove them both home when Escarra dropped the ball trying to tag Schneider at the plate.
Key stat
The Blue Jays expanded their lead in the AL East to four games over New York with the victory. Toronto and the Yankees will play three more times this year but the Blue Jays now have the tiebreaker should they wind up with identical records by the end of the regular season.
Up next
Eric Lauer (5-2) will take the mound as the Blue Jays begin a four-game series in Detroit.
Reese Olson (4-3) gets the start for the AL Central-leading Tigers (60-43).
This report by The Canadian Press was first published July 23, 2025.
© 2025 The Canadian Press
Environment Canada has issued a heat warning for parts of southern Ontario starting Thursday, with temperatures expected to reach up to 35 C.
The weather agency says a stretch of the province bordering Lake Ontario, from St. Catharines, Ont., to Toronto, will see peak humidex values of up to 44 C.
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It says while daytime high temperatures will not be as extreme on Friday and into the weekend, nighttime lows are expected to remain warm, providing little relief from heat.
Environment Canada says temperatures on Friday will near 30 C, with a humidex of up to 40 C.
It’s not the first heat warning for Ontario this summer — extreme heat reaching the mid-30s broke temperature records in many parts of the province in June.
During extreme heat events, people are advised to drink water often, watch for signs of heat exhaustion and to check on older adults and those at risk of heat illness.
© 2025 The Canadian Press
Ontario is planning to sidestep the federal government and begin issuing work permits to asylum seekers living in the province using a clause written into the constitution.
At the end of a three-day summit with the nation’s leaders in Muskoka, Ont., Premier Doug Ford said his government would start studying how it could give asylum seekers the right to work immediately in the province.
“We have authority in that area,” he said. “No one understands the sectors and their labour needs better than the premiers.”
Ford said it was Alberta Premier Danielle Smith who pointed out Section 95 of the constitution gives provinces the right to make decisions on immigration. That section allows provincial governments to create laws governing immigration “as long and as far only as it is not repugnant” to any federal law.
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Global News contacted the federal immigration ministry to ask if it would oppose any moves by Ontario to give asylum seekers work permits. It did not send a statement in time for publication.
“We will be issuing our own work permits,” Ford declared on Thursday.
He said the move made sense in order to allow asylum seekers, who receive government support while their applications are processed, to contribute to the local economy as they wait.
“I have a tremendous amount of asylum seekers that are up in Etobicoke in the hotels, they’re healthy, they’re willing to work, they’re hardworking people, but they’re waiting over two years and they’re just sucking off the system — not their fault,” Ford said.
“The fault falls under immigration that it takes over two years to get a work permit.”
The premier’s office said Ontario, along with other provinces, was currently exploring exactly what using Section 95 powers would look like.
They said there was no timeline for when the province could start issuing work permits, nor had it yet been finalized what mechanisms or legislation would be needed.
Direction from Ford, however, was clear, according to his office: internal work would begin immediately to figure out how to grant the work permits.
The premier said asylum seekers in his province want to work.
“They want to get out there and they want to be like every other Canadian,” Ford said. “They want to find a job, they want to be able to first start off renting a condo or part of a house and then buying a house.”
© 2025 Global News, a division of Corus Entertainment Inc.
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