Rogers Comm Stock Price, News & Analysis

Rogers Communications Inc. (TSX: RCI.A and RCI.B, NYSE: RCI) has announced an agreement to acquire Bell's 37.5% ownership stake in Maple Leaf Sports & Entertainment (MLSE) for C$4.7 billion. This transaction will make Rogers the majority owner of MLSE with a 75% controlling interest. The deal aims to expand Rogers' investment in Canadian sports and entertainment, with a commitment to bringing more championships to Canada.

Key points:

• Rogers plans to continue investing in MLSE's sports teams
• Financing will not affect Rogers' debt leverage and will include private investors
• The agreement ensures long-term Canadian ownership of iconic teams
• Sportsnet will continue to broadcast 50% of Maple Leafs regional games and 50% of Raptors games controlled by MLSE
• The transaction is subject to league and regulatory approvals

Rogers Communications has been named the Official Telecommunications Partner of the 2024 Presidents Cup, set to take place at The Royal Montreal Golf Club from September 24 to 29. This marks the event's return to Canada after 17 years. As part of the partnership, Rogers will offer various golf-themed experiences in the Fan Zone, including a putting green, golf simulation game, and a 360-degree snapshot feature.

Rogers customers will have access to VIP experiences at the tournament through the company's new national program, Rogers Beyond the Seat. The partnership aligns with Rogers' commitment to growing golf in Canada and building strong communities in Quebec. International Team Captain and Team Rogers athlete Mike Weir expressed excitement about the partnership, highlighting Rogers' continued support for golf in Canada.

Rogers Communications Inc. (TSX: RCI.A and RCI.B) (NYSE: RCI) has declared a quarterly dividend of 50 cents per share on its outstanding Class B Non-Voting shares and Class A Voting shares. The dividend will be paid on October 3, 2024 to shareholders of record as of September 9, 2024. Shareholders can opt to reinvest their cash dividends in additional Class B Shares through Rogers' Amended and Restated Dividend Reinvestment Plan. For this quarterly dividend, Class B Shares will be issued from treasury at a 2% discount from the Average Market Price. The Plan details are available on Rogers' investor relations website, the Plan agent's website, and under Rogers' profile on SEDARPLUS and the SEC's website.

Rogers Communications (TSX: RCI.A and RCI.B; NYSE: RCI) reported strong Q2 2024 results, with total service revenue up 1% and adjusted EBITDA up 6%. The company added 188,000 mobile phone and Internet net additions in Q2, leading the industry. Wireless service revenue increased 4% with a 65% margin, while Cable adjusted EBITDA grew 9% with a 57% margin. Despite significant investments, leverage remained steady at 4.7.

Rogers reaffirmed its 2024 outlook, projecting total service revenue growth of 8-10%, adjusted EBITDA growth of 12-15%, capital expenditures of $3.8-4.0 billion, and free cash flow of $2.9-3.1 billion. The company continues to focus on network expansion, product innovation, and customer acquisition to drive growth and shareholder value.

Rogers Communications (TSX: RCI.A, RCI.B; NYSE: RCI) will release its Q2 2024 financial results on July 24, 2024, before North American markets open. The results will be available via newswire and on the company's investor relations website. A live webcast of the teleconference to discuss these results and future outlook will take place at 8:00 a.m. ET the same day. Interested parties can join the call through the provided phone numbers and passcodes. Following the call, an archive will be available online, along with a two-week telephonic re-broadcast.

Rogers Communications announced its title partnership with Canada's only PGA TOUR Champions tournament in Calgary, formerly the Shaw Charity Classic, with a $1 million donation to kickstart fundraising. The tournament has raised over $100 million for Alberta charities and continues to support children’s charities through the Rogers Birdies for Kids program. Rogers Charity Classic tickets are now on sale for the August 16-18, 2024 event.