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Rogers exploring possible sale of Toronto Blue Jays, CFO says

Rogers Communications is contemplating promoting belongings equivalent to baseball’s Toronto Blue Jays and a stake in media firm Cogeco Inc. to unencumber capital for different investments, chief monetary officer Tony Staffieri mentioned.

The Toronto-based telecommunications large needs to get extra worth for the belongings, although no deal is imminent, Staffieri mentioned at the united statesGlobal Media and Communications convention in New York.

Rogers plans to extend investments in its wi-fi community as a part of a plan to seize a surge in information use, chief government officer Joe Natale informed the Globe & Mail this week. Rogers shares have soared 26 per cent this yr, outpacing rivals Telus and BCE (Bell) by greater than double, as wi-fi income soared and buyer retention improved.

The corporate has mentioned earlier than that it’s exploring methods to get extra worth from its portfolio of belongings, together with the Jays, however Staffieri’s feedback Tuesday have been extra particular. Rogers nonetheless needs rights to sports activities programming however doesn’t should personal a staff to have that, he mentioned, pointing to the corporate’s 12-year take care of the Nationwide Hockey League.

Rogers’ media enterprise made up about 15 per cent of gross sales final yr however solely about three per cent of working revenue, in response to information compiled by Bloomberg.

The corporate has been a longtime investor in Cogeco and now holds a couple of third of the media firm and a fifth of its cable unit, Cogeco Communications Inc.

“There have been some strategic advantages that we had hoped for with Cogeco and people appear to be additional and additional away,” Staffieri mentioned. “As we take into consideration an atmosphere the place rates of interest begin to go up and evaluate it to the yield that we’re getting on the asset right now, we expect there’s in all probability higher use for that capital.”

Source by [Viral Hug]

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