Rogers Communications Inc. will buy out BCE Inc.’s shares in Maple Leaf Sports & Entertainment (MLSE), becoming its majority owner.

Rogers announced Wednesday that it has signed an agreement to buy Bell’s 37.5 per cent ownership stake in the sports and entertainment company for $4.7 billion.

The deal would make Rogers the largest owner of MLSE, with a controlling interest of 75 per cent. The proposed sale puts the value of MLSE in its entirety at $12.53 billion.

Bell said the transaction is expected to close in mid-2025, subject to league and regulatory approvals.

“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,” said Tony Staffieri, chief executive of Rogers.

In August 2012, BCE and Rogers invested around $533 million each to jointly acquire Ontario Teachers’ Pension Plan’s majority stake in MLSE. The remaining shares were owned by Kilmer Sports Inc. (KSI), the holding company of MLSE chair Larry Tanenbaum. (Tanenbaum has since sold five per cent of his shares to OMERS in order to finance the purchase of a WNBA franchise.)

In addition to Rogers’ existing stake in MLSE, of which it currently owns 37.5 per cent, the Toronto-based telecom’s sports portfolio includes the Toronto Blue Jays, Rogers Centre and Sportsnet. It also has partnerships with the Vancouver Canucks, the Edmonton Oilers, the Calgary Flames and the NHL.

MLSE owns the Toronto Maple Leafs, Toronto Raptors, Toronto FC, Toronto Argonauts and Toronto Marlies (AHL), as well as the Raptors 905, TFC II and the Raptors’ esports franchise in the NBA 2K League.

It also owns and operates one of Canada’s busiest venues, Scotiabank Arena, as well as five of Toronto’s sports facilities.

Rogers’ Sportsnet will continue to broadcast half of the Maple Leafs’ regional games, along with Raptors games controlled by MLSE.

The company said the deal will allow Bell Media to renew its existing MLSE broadcast and sponsorship rights, including access to content rights for half of both the Leafs’ regional games and Raptors’ games, which Bell has secured access to for the next 20 years.

Bell’s TSN will also continue to broadcast Toronto Argonauts and Toronto FC games through independent agreements with the leagues.

Bell said it will remain the official telecom sponsor of the Toronto Raptors and will maintain its sponsorships of the Toronto Argonauts and Toronto FC.

“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,” said BCE Inc. chief executive Mirko Bibic.