TORONTO (Reuters) – The Ontario Teachers’ Pension Plan said on Thursday it is buying a 7.7 percent stake in Maple Leaf Sports and Entertainment from privately held media company CTVglobemedia.
Buying out the last of CTVglobemedia’s investment means Teachers will have a 66 percent stake in MLSE, Canada’s largest sports company. Financial terms weren’t disclosed.
MLSE — which is also privately held — owns and operates the National Hockey League’s Toronto Maple Leafs, the National Basketball Association’s Toronto Raptors and Toronto FC of Major League Soccer.
It also owns several sports and concert venues, including the Air Canada Centre.
Ivan Fecan, CTVglobemedia’s chief executive, said his company is exiting the investment “profitably” and added the proceeds from the sale will be used to pay down debt.
CTVglobemedia held more than 15 percent of MLSE before selling 7.7 percent to MLSE Chairman Lawrence Tanenbaum. That deal was completed in February.
With his 20.5 percent stake, Tanenbaum is MLSE’s second largest shareholder. (Reporting by Wojtek Dabrowski; editing by Rob Wilson)