STATEMENT FROM LAWRENCE M. TANENBAUM, O.C. CHAIRMAN OF MAPLE LEAF SPORTS & ENTERTAINMENT (MLSE) AND OWNER OF KILMER SPORTS INC. ON THE SALE OF TEACHERS' MLSE SHARES TO BELL AND ROGERS
I am delighted to welcome my new partners Bell Canada and Rogers Communications to the Maple Leaf Sports & Entertainment family.
To the Ontario Teachers' Pension Fund, my partner for the past 15 years, I thank you and wish you all the best going forward.
This deal could not have happened without the hard work, perseverance and efforts of MLSE's Senior Management Team and support staff, who, along with counterparts in Bell and Rogers, worked tirelessly to see this lengthy and complex sale proceed to completion. I thank all of you for your support, dedication and shared belief in our future.
I take great pride in having increased my ownership stake in MLSE and look forward to the many opportunities this new partnership with Bell and Rogers will bring to our organization.
BELL COMPLETES ACQUISITION OF OWNERSHIP INTEREST IN MAPLE LEAF SPORTS & ENTERTAINMENT (MLSE)
MONTRÉAL, August 22, 2012 – Bell today announced the closing of its transaction to acquire an ownership position in Maple Leaf Sports & Entertainment (MLSE) following all regulatory and sports league approvals.
MLSE offers Bell access to broadcast rights across multiple platforms for the premier professional sports teams – the Toronto Maple Leafs, Raptors, Marlies and Toronto FC – in Canada's largest marketplace.
"Investing in MLSE is part of Bell’s strategy to deliver the best content of all kinds to customers across all platforms – TV, radio, mobile and digital," said George Cope, President and CEO of BCE and Bell Canada. "We look forward to making more of MLSE’s top-tier sports content available to Bell customers and those of cable, satellite and other content distributors from coast to coast to coast."
Bell is part of the all-Canadian group that announced the acquisition of MLSE from Ontario Teachers' Pension Plan on December 9, 2011. Bell and Rogers Communications Inc. have jointly acquired 75% equity ownership in MLSE, and have formed a holding company to govern their combined ownership position. Kilmer Sports Inc. (KSI) has increased its 20.5% ownership stake in MLSE to 25%. KSI is owned by Larry Tanenbaum, who continues to serve as Chair of MLSE and as a Governor of the National Hockey League, the National Basketball Association and Major League Soccer.
Bell is Canada's largest communications company, providing consumers and business with solutions to all their communications needs. Bell Media is Canada's premier multimedia company with leading assets in television, radio and digital media. Bell is wholly owned by BCE Inc. (TSX, NYSE: BCE). For Bell product and service information, please visit Bell.ca. For Bell Media, please visit BellMedia.ca. For BCE corporate information, please visit BCE.ca.
The Bell Mental Health Initiative is a multi-year charitable program that promotes mental health across Canada via the Bell Let's Talk anti-stigma campaign and support for community care, research and workplace best practices. To learn more, please visit Bell.ca/LetsTalk.
ROGERS COMPLETES MAPLE LEAF SPORTS & ENTERTAINMENT TRANSACTION
TORONTO, ON (August 22, 2012) – Rogers Communications announced today that it, along with Bell Canada, completed the joint acquisition of a net 75 per cent stake in Maple Leaf Sports & Entertainment (MLSE). The investment advances Rogers’ strategy to deliver highly sought- after sports content to Canadians anywhere, anytime, on any platform through its best-in-class networks and robust portfolio of media assets.
"MLSE is truly a world-class organization offering some of the richest and most sought-after content in professional sports," said Nadir Mohamed, President and Chief Executive Officer, Rogers Communications. "This investment fits squarely into our strategy of cost-effectively securing premium content and making it accessible to sports fans wherever, whenever they want. We look forward to working with MLSE to create highly interactive and engaging experiences for hockey, basketball and soccer fans."
Rogers and Bell Canada have formed a holding company to govern their combined net 75 per cent stake in MLSE. Kilmer Sports Inc. (KSI) has increased its 20.5 per cent ownership stake in MLSE to 25 per cent. KSI is owned by Larry Tanenbaum, who continues to serve as Chair of MLSE and as a Governor of the National Hockey League, the National Basketball Association and Major League Soccer. Rogers’ net cash investment in the transaction totals approximately $533 million.
"We’re passionate about sports and this investment further strengthens our sports leadership while substantially bolstering Sportsnet," said Mohamed. "We’re committed to making Sportsnet the number one sports media brand in Canada and we will compete feverishly to achieve this goal."
Rogers is the leading destination for premium sports content in Canada with an unparalleled portfolio of sports assets: Toronto Blue Jays and their home at Rogers Centre, a strategic alliance with the Vancouver Canucks including naming rights for Rogers Arena, and long-term media agreements with the Edmonton Oilers, Calgary Flames, Ottawa Senators, MLB, NFL, NBA, MLS, CHL, NCAA, Rogers Cup, international soccer, tennis, and UFC. Powered by the combination of leading-edge LTE wireless and DOCSIS 3.0 broadband networks, live streaming, Rogers On Demand, and Rogers Anyplace TV applications, Rogers brings Canadians the best sports content on their platform of choice.
Caution Regarding Forward-Looking Statements, Risks and Assumptions
This press release includes forward-looking statements and assumptions concerning our business and its operations approved by management on the date of this press release. These forward-looking statements and assumptions include, but are not limited to, statements with respect to our objectives and strategies to achieve those objectives, statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions, including costs and benefits of the above mentioned MLSE transaction and all other statements that are not historical facts. We caution that all forward-looking information, including any statement regarding our current intentions, is inherently subject to change and uncertainty and that actual results may differ materially from the assumptions, estimates or expectations reflected in the forward-looking information. A number of factors could cause actual results to differ materially from those in the forward-looking statements or could cause our current objectives and strategies to change. Therefore, should one or more of these risks materialize, should our objectives or strategies change, or should any other factors underlying the forward-looking statements prove incorrect, actual results and our plans may vary significantly from what we currently foresee. Accordingly, we warn investors to exercise caution when considering any such forward-looking information herein and that it would be unreasonable to rely on such statements as creating any legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any forward-looking statements or assumptions whether as a result of new information, future events or otherwise, except as required by law.
About Rogers Communications
Rogers is a diversified public Canadian communications and media company. We are Canada's largest provider of wireless voice and data communications services and one of Canada's leading providers of cable television, high speed internet and telephony services. Through Rogers Media we are engaged in radio and television broadcasting, televised shopping, magazines and trade publications, and sports entertainment. We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For further information about the Rogers group of companies, please visit www.rogers.com.
TEACHERS' COMPLETES $1.32-BILLION SALE OF MLSE
TORONTO, ON (August 22, 2012) – Ontario Teachers’ Pension Plan (Teachers’) today announced the completion of the sale of its ownership stake in Maple Leaf Sports and Entertainment (MLSE) to Bell and Rogers Communications Inc.
The sale, originally announced in December 2011, has obtained all required approvals and Teachers’ has received the $1.32-billion purchase price for its 79.53% ownership share of MLSE.
Teachers’ first invested in the company in 1994 through its private equity investment division, Teachers’ Private Capital (TPC). An infographic of its ownership history is available at http://docs.otpp.com/mlseinfographic.pdf.
"MLSE exemplifies our ability to create value over the long term through expansion and diversification, while delivering returns that support our members’ retirement," said Jane Rowe, Senior Vice-President, TPC. "We are proud of our role in building this iconic company, and we wish the new owners much success. While we may no longer be owners, we remain avid fans of the company and its teams."
TPC activities include leading deals on a sole or partnered basis, investing in private equity funds in markets and sectors that it cannot efficiently access directly and co-investing with other like-minded private equity funds. TPC manages a global portfolio valued at approximately $12 billion.
With $117.1 billion in assets as of December 31, 2011, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 300,000 active and retired teachers in Ontario. For more information visit www.otpp.com