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Companies jointly bought 75 per cent stake in 2012.
Rogers Communications has bought Bell out of its stake in Maple Leaf Sports & Entertainment, the company that owns the Toronto Maple Leafs and Toronto Raptors, for $4.7 billion.
Bell Canada Enterprises (BCE Inc.), which owns 37.5 per cent of MLSE, said in a media release Wednesday that the deal is expected to close in mid-2025.
The company said that it is selling its ownership stake to reduce its debt and "support its ongoing transformation" from a telecommunications firm to a tech company.
Rogers and Bell currently share the rights for the Leafs and the Raptors. Bell Media says it has reached a long-term, 20-year agreement with Rogers to renew the rights deal once it expires.
Pending approval from each league, Rogers says Bell will have access to content rights for "50 per cent of Maple Leafs regional games and 50 per cent of Toronto Raptors games for which MLSE controls the rights."
In addition to the Leafs and Raptors, MLSE owns soccer club Toronto FC, the AHL's Toronto Marlies and the CFL's Toronto Argonauts.
Rogers and Bell closed a deal to jointly acquire a 75 per cent stake in MLSE in August 2012.
Cary Kaplan, president of Cosmo Sports Entertainment in Toronto, called the Rogers and Bell co-ownership of MLSE extremely unusual, likening it to "Coke and Pepsi owning a team together."
While the buyout might not make any immediate difference to fans, "what it should mean is that Rogers will spend like the Yankees and Dodgers and Lakers," said Kaplan.
"Will Rogers step up and spend [on those teams] based on the financial capacity that that company has?"
Under the new deal, which is subject to regulatory approvals, Rogers will have a 75 per cent majority ownership of the company.
A spokesperson for the Competition Bureau confirmed to CBC News that the regulator would be reviewing the proposed transaction between Rogers and Bell.
MLSE chair Larry Tanenbaum owns a 20 per cent stake. He sold a five per cent share in the company to Canadian pension fund Ontario Municipal Employees Retirement System (OMERS) in the summer of 2023.
"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 Rogers CEO and president Tony Staffieri in a statement.
"Together with our sports and media assets, we plan to surface more value for shareholders long-term," said Staffieri. "This agreement also ensures long-term Canadian ownership and investment of these iconic teams."
Rogers said the purchase will not affect its debt leverage "and financing will include private investors."
Mirko Bibic, the CEO and president of BCE Inc., said the company was proud of its time co-owning the sports teams.
He added that "today's announcement demonstrates that we are focused on creating the financial flexibility to support our ongoing transformation and core growth drivers."
Jenna Benchetrit is the senior business writer for CBC News. She writes stories about Canadian economic and consumer issues, and has also recently covered U.S. politics. A Montrealer based in Toronto, Jenna holds a master's degree in journalism from Toronto Metropolitan University. You can reach her at [email protected].
With files from The Canadian Press, Jamie Strashin and Shawn Benjamin
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Hezbollah blamed Israel for the "criminal aggression."
At least nine civilians are dead and over 2,750 were injured after pager devices owned by a large number of members in various Hezbollah units and institutions exploded on Tuesday, according to Lebanese officials and the group.
Hezbollah blamed Israel for the attack and vowed it would respond. The apparent attack comes amid rising tensions between Israel and Hezbollah.
"We hold the Israeli enemy fully responsible for this criminal aggression, which also targeted civilians and led to the deaths of a number of martyrs and the injury of a large number with various wounds," Hezbollah said in a statement. "This treacherous and criminal enemy will certainly receive his just punishment for this sinful aggression, whether he expects it or not."
The dead and injured included people who are not members of Hezbollah, such as a 10-year-old girl killed in the eastern village of Saraain, according to Hezbollah-owned Al-Ahed News. Hezbollah said 11 of its members were killed Tuesday, though, as is typical in its statements, did not specify how they died.
"These explosions, the causes of which are still unknown, led to the martyrdom of a girl and two brothers, and the injury of a large number of people with various injuries," Hezbollah said in a statement.
About 200 of the injuries are critical, meaning they needed surgery, according to the Lebanese Ministry of Public Health. Most of the injuries were to the face, hand or abdomen, officials said.
The Iranian ambassador to Lebanon, Mojtaba Amani, was among those who had one of the pagers and was injured due to an explosion Tuesday, according to Iranian state TV.
Amani said in a phone call after the incident that he was "feeling well and fully conscious," according to Iranian state TV.
At least 14 people were also injured in targeted attacks on Hezbollah members in Syria, according to the Syrian Ministry of Foreign Affairs.
The Lebanese Ministry of Foreign Affairs and Expatriates said it condemned the alleged Israeli attack and has begun preparing a complaint to the Security Council.
The Lebanese Council of Ministers collectively condemned "this criminal Israeli aggression, which constitutes a serious violation of Lebanese sovereignty and a crime by all standards," adding that "the government immediately began making all necessary contacts with the countries concerned and the United Nations to place it before its responsibilities regarding this continuing crime."
The United Nations special coordinator for Lebanon condemned the attack on Lebanon, calling it an "extremely concerning escalation in what is an already unacceptably volatile context," in a statement released by the U.N. Office of the Spokesperson for the Secretary General.
Hezbollah said it is conducting a "security and scientific investigation to determine the causes that led to these simultaneous explosions."
There have also been high-level contacts between the U.S. and Israel prompted by Tuesday's incidents in Lebanon, according to a U.S. official.
The U.S. said it had no role in the apparent attack on Hezbollah and no warning that it would happen, according to State Department spokesperson Matthew Miller. He also declined to offer an assessment on who could be behind it, saying only that the administration was "gathering information" on the incident.
Miller wouldn't say whether the administration had any information to doubt Hezbollah's claim that Israel was behind the explosions and only said that he didn't want to offer an assessment "one way or the other." The Israeli government has declined to comment on the matter.
The White House also said it was not aware the attack was going to happen ahead of time and would not speculate on who was behind it, according to press secretary Karine Jean-Pierre.
This attack comes as U.S. diplomats have been working intensely to avoid escalation at Israel's northern border and amid fears that a full-blown war between the country and Hezbollah, which sits on a vast trove of missiles, could engulf the entire region. Secretary of State Antony Blinken is, coincidentally, on his way to the region and scheduled to land in Egypt on Tuesday night.
U.S. Defense Secretary Lloyd Austin and Israeli Defense Minister Yoav Gallant spoke again on Tuesday after speaking on Monday.
The latest conversation was intended "to touch base regarding ongoing tensions in the Middle East and the threats facing Israel, to include the Houthi missile attack over the weekend," according to Pentagon press secretary Maj. Gen. Pat Ryder.
Ryder said America's focus was to ensure tensions in the region do not escalate.
"We strongly believe that the way to reduce tension along the Israel-Lebanon border is diplomacy," he said.
Iran and Hezbollah are likely to retaliate for the attack, but it could take them time to do so while they assess what happened, according to a U.S. official.
The Lebanese Ministry of Public Health has issued a statement Tuesday instructing all hospitals in various regions of Lebanon to be on maximum alert and raise their level of readiness to meet the rapid need for emergency health services.
The ministry noted that preliminary information indicates "the injuries were related to the explosion of wireless devices that were in the possession of the injured."
The ministry also asked all citizens who own pagers to throw them away immediately.
The Lebanese Red Cross said it has deployed "more than 30 ambulances" to help treat and evacuate "the wounded as a result of multiple explosions in the South, the Bekaa and the southern suburbs of Beirut," according to a post on its official X account.
The group also added "50 more ambulances and 300 Emergency Medical Technicians [are] on standby to assist in the evacuation of victims."
About 100 hospitals took in the wounded, the Lebanese Ministry of Public Health said. The agency said hospitals in Beirut and its southern suburb are full and began directing patients to ones outside the region.
Schools across Lebanon will be closed on Wednesday, Lebanese state media reported, citing the country's Minister of Education. Schools and offices closed include public and private schools, high schools, technical institutes, the Lebanese University and private higher education institutions, Lebanese state media reported.
Back in February, Hezbollah leader Hassan Nasrallah had urged members to stop using mobile phones, saying, "I call for dispensing with cellphone devices at this stage, which are considered a deadly agent."
ABC News' Luis Martinez, Shannon K. Kingston and Anne Flaherty contributed to this report
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