Rogers Communications Inc. is moving to take full control of Maple Leaf Sports & Entertainment after reaching a $4.35 billion agreement to buy the remaining 25% stake held by Kilmer Sports Inc.

The deal, announced Monday, would make Rogers the sole owner of the company behind the NHL’s Toronto Maple Leafs, the NBA’s Toronto Raptors, the CFL’s Toronto Argonauts and Toronto FC of MLS. The transaction still requires approval from the respective sports leagues and is expected to close late this year.

“This is a defining moment for Rogers,” Rogers president and CEO Tony Staffieri said. “Our full ownership of MLSE brings together Canada’s premier communications company with Canada’s premier sports and entertainment organization.”

Rogers already owns the Toronto Blue Jays, Rogers Centre and Sportsnet, giving the company an increasingly large position across the Canadian sports and media landscape.

The move completes a rapid consolidation of MLSE ownership. Rogers increased its stake to 75% after buying rival BCE Inc.’s 37.5% share for $4.7 billion in a separate transaction that closed in 2025. Rogers and Bell had previously held equal positions in MLSE, with the remaining quarter controlled by Larry Tannenbaum through his holding company Kilmer.

Kilmer also owns Toronto’s expansion WNBA franchise, the Tempo, and became the first Canadian investor in the PWHL last month.

Rogers has indicated it plans to combine its sports, media and entertainment properties into a larger consolidated business. The company intends to sell a minority interest in that collection of assets while maintaining control.

–Field Level Media