Rogers Communications signed an agreement to acquire Bell Canada Enterprise's 37.5% share in Maple Leaf Sports and Entertainment (MLSE) for $4.7 billion on Wednesday, giving it a majority stake in the massive sports company.

MLSE is the parent company of the NHL's Toronto Maple Leafs, NBA's Toronto Raptors, MLS' Toronto FC, and CFL's Toronto Argonauts.

The transaction is subject to league and regulatory approvals and is expected to close in mid-2025.

Rogers already owned a 37.5% stake in MLSE before Wednesday's purchase, thus bringing its total share up to around $9.3 billion, per Sportico. MLSE chairman Larry Tanenbaum owns 20% of the remaining stake through his holding company, Kilmer Sports Inc., after selling a 5% share to Canadian pension fund OMERS last summer.

"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," Rogers president and CEO Tony Staffieri wrote in a statement. "As Canada's leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy."

Rogers added that the deal gives Bell the "opportunity to renew its existing MLSE broadcast and sponsorship rights long-term at fair market value," including access to content rights for 50% of Maple Leafs regional games and 50% of Raptors games for which MLSE controls the rights.

Bell said that it secured content rights for both the Maple Leafs and Raptors on TSN for the next 20 years via a long-term agreement with Rogers, and that the sports channel will continue to broadcast Argonauts and Toronto FC games.

"This agreement confirms TSN's position as Canada's sports leader with long-term access to content rights to some of Canada's most beloved sports teams," Bell Media president Sean Cohan said.

"At the heart of this deal are passionate fans, which TSN will continue to serve across all of our platforms with the premium coverage that audiences expect from Canada's sports leader."

TSN is jointly owned by Bell and ESPN. Sportsnet, which is owned by Rogers, will continue to broadcast 50% of Maple Leafs regional games and 50% of Raptors games controlled by MLSE.

Bell and Rogers bought the majority stake of MLSE from the Ontario Teachers' Pension Plan in 2012 for $1.32 billion.

Rogers has also owned MLB's Toronto Blue Jays since 2000.