Rogers Communications Inc. is considering selling assets such as baseball’s Toronto Blue Jays and a stake in media company Cogeco Inc. to free up capital for other investments, Chief Financial Officer Tony Staffieri said. The Toronto-based telecommunications giant wants to get more value for the assets, though no deal is imminent, Staffieri said at the UBS Global Media and Communications conference in New York. Rogers plans to increase investments in its wireless network as part of a plan to capture a surge in data use, Chief Executive Officer Joe Natale told the Globe & Mail this week. Rogers shares have soared 26 percent this year, outpacing rivals Telus Corp. and BCE Inc. by more than double, as wireless revenue soared and customer retention improved. The company has said before that it’s exploring ways to get more value from its portfolio of assets, including the Jays, but Staffieri’s comments Tuesday were more specific.
Rogers Evaluating Sale of Blue Jays, Cogeco Stake, CFO Says
Bloomberg | Dec 6