Rogers Communications said on Wednesday it had signed an agreement to buy Bell's 37.5% ownership stake in Maple Leaf Sports & Entertainment (MLSE) for C$4.7 billion ($3.46 billion). Financing for the deal will not affect Rogers' debt leverage,

Rogers signed a deal to purchase Bell’s 37.5 percent ownership stake in MLSE, which owns the Maple Leafs and Raptors.

For over a decade, all of Toronto’s sport teams were owned by two telecommunications companies: Bell and Rogers. But that has changed with today's massive announcement.