This morning it was announced that BCE will sell its 37.5% stake in Maple Leaf Sports and Entertainment to Rogers for $4.7 billion.

The deal, which should be finalized mid-2025, will give Rogers 75% ownership of the sports conglomerate. Previously, Rogers and Bell had held equal shares of MLSE, which owns the NHL Maple Leafs, NBA Raptors, CFL Argonauts, MLS Toronto FC and AHL Marlies.

However, Bell isn’t getting out of the MLSE business completely. Rogers says the deal, which is subject to league and regulatory approvals, won’t change the deal Bell has now to “renew its existing MLSE broadcast and sponsorship rights long-term at fair market value.” This includes access to content rights for 50% of Maple Leafs regional games and 50% of Toronto Raptors games for which MLSE controls the rights.

“We are proud of our time as co-owners of these iconic sports teams, and through this agreement have ensured that fans can count on Bell’s continued support of their teams,” Mirko Bibic, president and CEO of BCE Inc. and Bell Canada, said in a statement.

“Today’s announcement demonstrates that we are focused on creating the financial flexibility to support our ongoing transformation and core growth drivers.”

In a statement, Bell said it would be using the $4.7 billion to pay debts and “to support its ongoing transformation from telco to techco with a focus on core growth drivers.”

Bell remains the official telecom sponsor of the Raptors and will continue sponsorships of the Argonauts and TFC.