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Rogers Evaluating Sale of Blue Jays, Cogeco Stake, CFO Says

08 December, 2017, 09:51 | Author: Heidi Alvarez
  • Toronto Blue Jays Josh Donaldson crosses home plate after hitting a two-run home run against the Pittsburgh Pirates in the first inning of their interleague MLB baseball game in Toronto on Sunday

Tony Staffieri, the chief financial officer of Rogers Communications Inc., said Tuesday the company is considering selling the Toronto Blue Jays so it can acquire other assets.

The Toronto Blue Jays are one of two teams in Major League Baseball that are under corporate ownership; the other is the Atlanta Braves who are owned by Liberty Media.

Rogers Communications Inc.is considering the sale of assets such as baseball's Toronto Blue Jays and its stake in a smaller cable and media company to free up capital for its main communications businesses.

According to a Bloomberg report, Rogers Chief Financial Officer Tony Staffieri, in a speech to the UBS Global Media and Communications conference Tuesday in NY, said the company plans to free up capital for other investments, however, no deal is imminent. "Again, would like to get the content without necessarily having the capital tied up on our balance sheet".

A spokeswoman for Rogers, Sarah Schmidt, said on Wednesday that the company "would like to surface value and get credit" for its "terrific sports assets".

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The Blue Jays begin spring training on February 23 against the Philadelphia Phillies and will open the 2018 regular season against the New York Yankees on March 29.

The company wants to own sports rights content in Canada, but not necessarily own a team, referring to their 12-year licensing deal with the National Hockey League.

The Miami Marlins were sold to a group of investors for $1.2 billion in October.

Rogers Communications, which is controlled by Canada's prominent Rogers family, is also looking to sell a C$1.5 billion ($1.2 billion) stake in Cogeco Inc and its subsidiary, a cable TV company with operations across the United States and Canada.

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