This acquisition, expected to close next year, will give Rogers a majority control of major sports teams, including the Toronto Maple Leafs, Toronto Raptors, Toronto Argonauts, and Toronto FC.
Tony Staffieri, Rogers’ president and CEO, said, “As Canada’s communications and entertainment company, live sports and entertainment are core to our business strategy.”
For the third quarter ending September 30, Rogers posted revenue of $5.13bn, up from $5.09bn in the same period last year.
On an adjusted basis, the company reported earnings of $1.42 per diluted share, compared to $1.27 per share a year earlier. Analysts had expected $1.36 per share, according to LSEG Data & Analytics.
Rogers also reported a net increase of 101,000 postpaid mobile phone subscribers during the quarter, though this marked a 55.1 percent drop from the 225,000 net additions in the same period last year.
