Rogers Communications has acquired Bell’s stake in Maple Leaf Sports and Entertainment. MLSE is the parent company of the Toronto Raptors and Raptors 905, Toronto Maple Leafs, Toronto FC and Toronto Argonauts. MLSE also owns and runs Scotiabank Centre, where the Raptors play their home games.

Previously, both Rogers and Bell owned 37.5% of MLSE. Under the deal terms, Rogers is acquiring Bell’s 37.5% stake at a valuation of $3.48 billion in US dollars.

Larry Tannenbaum functions as the Raptors primary governor, as he owns a 20% stake in MLSE. Tannenbaum was recently re-elected as the chairman of the NBA Board of Governors.