Rogers deliberation sale of Blue Jays

Rogers Communications Inc. is deliberation a sale of resources such as baseball’s Toronto Blue Jays and a seductiveness in a smaller wire and media association to giveaway adult collateral for a categorical communications businesses.

The media giant’s arch financial officer Tony Staffieri pronounced Tuesday during an attention discussion that a association is looking for ways to “surface value” from a Blue Jays — that he pronounced is a “very profitable item for us that we don’t get full credit for.”

He didn’t plead who competence buy a team, or if a understanding would embody a Rogers Centre, or what they would be worth.

“To be clear, there isn’t anything approaching that we are about to announce, though we’re positively looking during a alternatives. Again, would like to get a calm though indispensably carrying a collateral tied adult on a change sheet,” Staffieri said.

Aravinda Galappatthige, an researcher who covers Rogers for Canaccord Genuity, writes that a emanate of resources sales has been lifted before though Staffieri’s comments are a many pithy to date.

He estimates that a Blue Jays would be value about $3.20 per share of Rogers, formed on an estimated value of $1.65 billion for a team.

But Galappatthige records that Rogers has other non-core resources including a 37.5 per cent seductiveness in Maple Leaf Sports and Entertainment, that owns a Toronto Maple Leafs hockey group and Toronto Raptors basketball team, and a Rogers Centre — value $200 million to $400 million.

In total, he estimates Rogers has non-core resources that could be value tighten to $5 billion or $9.70 per Rogers share.

“However, we prominence that while item sales are being deliberate during a high level, we do not trust there any approaching deals in place during this time,” Galappatthige writes.

Staffieri pronounced a association is now going by a budgeting routine for 2018 and a concentration will be on income enlargement and improved margins during a wireless and wire divisions.

Staffieri done a comments during an onstage talk during a UBS Global Media and Communications discussion in New York, according to transcripts of a eventuality supposing by Thomson Reuters.

Rogers (TSX:RCI.B) has formerly indicated it is exploring ways to get some-more value from a portfolio of assets, including a Jays, though Staffieri’s comments in New York were some-more specific.

He pronounced a association still wants rights to sports programming — that is core to a company’s media business — though doesn’t need to possess a group to have that, indicating to a company’s 12-year understanding with a National Hockey League.

“Relative to a altogether item portfolio, media is small,” Staffieri said.

But he pronounced sports calm continues to have “healthy” margins and can element a Rogers wireless and wire operations as well.

“Our concentration in media will continue to be on a sports side of it. So don’t design any form of enlargement on a media side, other than continue to monetize a sports resources that we have,” Staffieri said.

Article source: http://www.cbc.ca/sports/baseball/mlb/rogers-blue-jays-sale-1.4434908?cmp=rss