Rogers Communications Inc. signed an agreement to acquire the remaining 25 percent ownership stake in Maple Leaf Sports & Entertainment (MLSE) from Kilmer Sports Inc., the investment vehicle controlled by Larry Tanenbaum, for 4.35 billion dollars. The transaction increases Rogers' ownership of MLSE to 100 percent, giving the company full control of the Toronto Maple Leafs, Toronto Raptors, Toronto FC, and Toronto Argonauts. These assets join Rogers' existing sports and media holdings, including the Toronto Blue Jays, Rogers Centre, and Sportsnet. The deal implies a total MLSE valuation of approximately 17.4 billion dollars, roughly 39 percent higher than the valuation implied when Rogers acquired BCE Inc.'s 37.5 percent stake in MLSE the prior year. Rogers intends to finance the purchase using its committed liquidity and has previously disclosed plans to sell a minority stake in its consolidated sports, media, and entertainment assets over the following year. The transaction is subject to approvals from the National Hockey League, National Basketball Association, Major League Soccer, and Canadian Football League, and is expected to close in the fourth quarter of 2026. As part of his exit, Tanenbaum will step down from his governance roles across the NHL, NBA, and MLS boards, and Kilmer's president will step down from the CFL board. Ontario Municipal Employees Retirement System, which acquired an indirect five percent interest in MLSE through Kilmer Sports in November 2023, will realize a return through the sale. Kilmer Sports separately retains ownership of the Toronto Tempo WNBA franchise and a minority investment in the Professional Women's Hockey League.