Rogers Communications announced it has purchased Bell Canada Enterprises' 37.5% stake in Maple Leaf Sports and Entertainment for $4.7 billion, giving the media giant a majority stake ownership of Canada's largest and most valuable sports conglomerate.

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

Rogers Communications is buying out Bell’s 37.5% share of Maple Leaf Sports & Entertainment for $4.7 billion ($3.5 billion U.S.), giving it 75% ownership of the sports conglomerate. Rogers and Bell had held equal shares of MLSE,