Rogers Comm Stock Price, News & Analysis

Rogers Communications Inc., Shaw Communications Inc., and Quebecor Inc. announced an extension of the merger agreement's outside date to February 17, 2023. This merger involves the acquisition of Freedom Mobile by Videotron, a subsidiary of Quebecor. Approval from Innovation, Science and Economic Development Canada (ISED) is required for the spectrum license transfer from Shaw to Videotron. Recent rulings have favored the merger, including a Federal Court of Appeal dismissal of an appeal by the Commissioner of Competition. Both companies reaffirm their commitment to these transactions, providing anticipated benefits to Canadian consumers.

On January 24, 2023, Rogers Communications Inc. announced a favorable ruling from the Federal Court of Appeal regarding its merger with Shaw Communications Inc. and Freedom Mobile's acquisition by Quebecor Inc. The court dismissed the appeal against the Competition Tribunal's earlier decision, which supported the transactions aimed at enhancing competition in Canada. The Minister of Innovation must approve spectrum transfers for the merger to proceed. Shareholder approval has already been obtained, along with previous endorsements from regulatory bodies. Despite this progress, completion remains contingent on further regulatory approvals and customary closing conditions.

Rogers Communications and Shaw Communications have stated their commitment to the proposed merger amidst an appeal by the Commissioner of Competition against the Competition Tribunal's approval. The Tribunal determined that the merger is unlikely to substantially lessen competition in Alberta and British Columbia, asserting that it can enhance competition instead. Shareholder approval has been secured, and key regulatory bodies have already approved necessary licenses. However, uncertainty remains regarding the appeal outcome and further regulatory approvals.

Rogers Communications and Shaw Communications received a favorable decision from the Competition Tribunal regarding the acquisition of Freedom Mobile by Videotron, paving the way for the Rogers-Shaw Transaction. The only pending approval is from the Minister of Innovation, Science and Industry for the transfer of wireless spectrum licenses to Videotron. The deadline for the transaction has been extended to January 31, 2023. Previously, approvals were secured from Shaw shareholders and the Court of King’s Bench of Alberta, with additional approvals expected for the merger to complete successfully.

Rogers Communications plans to release its fourth quarter and full year 2022 financial results on February 2, 2023, before North American markets open. The results will be distributed via newswire and available on investors.rogers.com. Management will hold a teleconference at 8:00 a.m. ET to discuss results and outlook.

Rogers Communications has declared a quarterly dividend of 50 cents per share on its Class B Non-Voting and Class A Voting shares. This dividend will be paid on January 3, 2023, to shareholders recorded on December 9, 2022. The payment of future dividends remains at the discretion of Rogers' Board of Directors, meaning there’s no automatic entitlement to dividends outside of declared payments.

Rogers is a prominent Canadian technology and media company, publicly traded on the TSX and NYSE under the ticker RCI.

Rogers Communications reported strong Q3 results, with mobile net additions of 221,000, marking a 30,000 increase from last year. Adjusted EBITDA declined 1% to $1.583 billion, impacted by $150 million in customer credits from a network outage. Total service revenue grew 3%, while wireless service revenue increased 9%. Media revenue surged 12% driven by higher attendance at sporting events. The company plans to invest $20 billion in network improvements over five years, and reaffirmed its full-year guidance for 2022.

MONTREAL and TORONTO and CALGARY, Alberta, Oct. 27, 2022 - Quebecor, Rogers Communications, and Shaw Communications participated in a mediation session, which did not result in a settlement. The companies expressed disappointment and criticized the Bureau's engagement, claiming it hinders lower wireless prices in Canada. They remain committed to transactions expected to transform the Canadian telecommunications landscape, allowing Videotron to emerge as a robust competitor and enhancing Shaw-Rogers' wireline business. Both transactions are seen as pathways to affordable telecommunications for Canadians.

Rogers Communications Inc. is set to release its third quarter 2022 financial results on November 9, 2022, prior to market opening. The results will be disseminated via newswire and will be available on their investor relations website. Management will hold a teleconference at 8:00 a.m. ET to discuss the financial outcomes and future outlook. Interested parties can access the live webcast through the company's website or dial in via a provided toll-free number. A recording of the presentation will also be accessible post-conference.