Rogers Communications announced Wednesday that it has purchased Bell Canada Enterprises’ 37.5% stake in Maple Leaf Sports & Entertainment for $4.7 billion, giving the media giant a majority stake ownership of Canada’s largest and most valuable sports conglomerate.

MLSE owns the NHL’s Toronto Maple Leafs, NBA’s Toronto Raptors, Toronto FC of the MLS, the CFL’s Toronto Argonauts, the AHL’s Toronto Marlies and NBA G League’s Raptors 905.

Rogers and Bell had previously closed a deal to jointly acquire a 75% share of MLSE in August 2012. Now Rogers owns that in full, with MLSE chair Larry Tanenbaum holding a 20% stake.

“MLSE is one of the most prestigious sports and entertainment organizations in the world and we’re proud to expand our ownership of these coveted sports teams,” Tony Staffieri, president and CEO of Rogers, said in a news release. “As Canada’s leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy.”

Bell revealed in its own news release that the sale is expected to be finalized in mid-2025. The company can still hold broadcast rights to 50% of Leafs’ regional games and 50% of Raptors’ games that MLSE holds. Rogers-owned Sportsnet will continue to air 50% of Leafs and Raptors games

“We are proud of our time as co-owners of these iconic sports teams, and through this agreement have ensured that fans can count on Bell’s continued support of their teams,” Mirko Bibic, president and CEO of BCE Inc. and Bell Canada, said Wednesday. “Today’s announcement demonstrates that we are focused on creating the financial flexibility to support our ongoing transformation and core growth drivers.”

The Maple Leafs and Raptors have grown in value over the time since Rogers and Bell purchased their original joint stake. Recently, Forbes listed the Leafs’ value at $2.8 billion — richest in the NHL — and Sportico pegged the Raptors’ value at $4.1 billion, ninth highest in the NHL.

“MLSE has been fortunate to have one of the very best ownership groups in sports and entertainment for many years, and it has led to MLSE becoming one of the leading organizations in our industry,” MLSE president and CEO Keith Pelley said. “As an organization, we are grateful for their contributions, and we remain fully focused on our priorities and further driving a championship mentality across MLSE.”