Rogers Communications Inc. (TSX:RCI.B) is reportedly considering the sale of such assets as baseball’s Toronto Blue Jays and a stake in media company Cogeco Inc. (TSX:CCA) to free up capital for other investments.
But in a speech to the UBS Global Media and Communications conference Tuesday in New York, Rogers chief financial officer Tony Staffieri said no deal is imminent, according to an online report published by Bloomberg.
Rogers has previously indicated it is exploring ways to get more value from its portfolio of assets, including the Jays, but Staffieri’s comments in New York were more specific.
(Sponsored)
In a tough economy, investing in community is more important than ever
When finances are tight, it might seem counterintuitive to give back, but supporting our most vulnerable neighbours this holiday season can actually help businesses weather their own challenges. At United
Family-owned Coke Canada Bottling investing to grow in Ottawa-Gatineau
Have you ever wondered where your favourite Coca-Cola products come from? Few people in know that over 300 popular beverages products, like Coca-Cola, Coke Zero, Fuze, Fanta, Monster Energy, A&W
He said Rogers still wants rights to sports programming but doesn’t have to own a team to have that, pointing to the company’s 12-year deal with the National Hockey League.
Rogers has been a longtime investor in Cogeco and now holds about a third of the media company and a fifth of its cable unit, Cogeco Communications Inc.
“There were some strategic benefits that we had hoped for with Cogeco and those seem to be further and further away,” Staffieri told the conference.
“As we think about an environment where interest rates start to go up and compare it to the yield that we’re getting on the asset today, we think there’s probably better use for that capital.”
