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.
He estimates that the Blue Jays would be worth about $3.20 per share of Rogers, based on an estimated value of $1.65 billion for the team.More news: PM Narendra Modi to visit Jerusalem, says Palestine envoy
Mal Romanin, the club's longtime manager of baseball information fired in October, won the John Cerutti Award, given to the person associated with the day-to-day workings of Blue Jays baseball who displays goodwill, co-operation and character, as exemplified by the late left-hander.
Though no deal is imminent, a sale will free up capital for other investments, Staffieri said at the UBS Global Media and Communications conference in NY.
The exact price tag for both the Rogers Centre and the Blue Jays organization was not mentioned by Staffieri, but he did make it clear that his executive board is open to discussions. "Again, would like to get the content without necessarily having the capital tied up on our balance sheet". The sale of the franchise is not imminent.More news: Featured Stock: SeaWorld Entertainment, Inc. (NYSE:SEAS)
Rogers still wants sports programming rights, Staffieri said, adding the company does not need to own a team for that reason.
Staffieri said Rogers is looking to "surface value" from the Blue Jays, a "very valuable asset for us that we don't get full credit for".
Rogers Communications, which is controlled by Canada's prominent Rogers family, is also looking to sell a C$1.5 billion ($1.2 billion) stake in Cogeco Inc and its subsidiary, a cable TV company with operations across the United States and Canada.More news: Unbiased Equity Research: Target Corporation (TGT), Sucampo Pharmaceuticals, Inc. (SCMP)
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