Rogers Stands to Raise $2.2 Billion Unloading Blue Jays, Cogeco
- Canadian telco looks to ‘monetize’ some non-core assets
- Rogers may use sale proceeds to enhance wireless network
Photographer: Tom Szczerbowski/Getty Images
Rogers Communications Inc. could raise about $2.2 billion if decides to sell the Toronto Blue Jays baseball team and a minority stake in media company Cogeco, freeing up capital for its wireless expansion.
The Toronto-based telecommunications giant is considering selling the Major League Baseball team and the Cogeco stakes though no deal is imminent, Chief Financial Officer Tony Staffieri said at the UBS Global Media and Communications conference in New York Tuesday. The Jays are worth about $1.3 billion, according to the latest Forbes Ranking. Rogers’ stakes in Cogeco Communications Inc. and its cable unit are valued at about C$1.2 billion ($940 million) based on the current share price, according to data compiled by Bloomberg.