Blue Jays mania inflated Rogers Media top line, the value unlock comes from MLSE consolidation and the sports portfolio. The quarter shows both forces at work. Media revenue jumped 26 percent to C$753 million, lifting total revenue 4 percent to C$5.35 billion, while adjusted EPS slipped to C$1.37 and adjusted EBITDA dipped 1 percent.
Wireless held margins at 67 percent with postpaid churn at 0.99 percent, but service revenue was flat in a competitive market. The company also posted C$5.8 billion in net income on a one‑time MLSE step‑up gain, not cash.
Quantify The Bump
The Jays drove higher attendance and ad sales late in September, and Rogers says Blue Jays broadcasts reached 14.1 million Canadians during the regular season. The CEO set the tone in the release, saying, “Our media and sports business also drove strong double‑digit revenue growth,” which lines up with the 26 percent media surge. That quote underscores why the baseball run mattered more than usual in Q3.
The tailwind does not stop on September 30. MLB set World Series Game 1 for Friday, October 24 at Rogers Centre, locking in higher October impressions for Sportsnet inventory. More games mean more sellable units and more game‑day revenue at the venue.
Management is explicit about the Q4 lift. On the call, CFO Glenn Brandt said, “The Blue Jays’ very successful MLB playoffs and World Series run will provide further added growth in the fourth quarter.” That signals near‑term revenue upside, then a reversion when the series ends.
Watch The Control Points
The durable economics sit in ownership and options, not October ratings. Rogers now controls 75 percent of MLSE after a C$4.7 billion purchase in Q3, and began consolidating 100 percent of MLSE into Media on July 1. The remaining 25 percent carries a put right starting July 2026, and Rogers says it expects to exercise a matching call. That gives Rogers timing control on full consolidation.
Rogers also sketched monetisation paths for sports assets within 18 months, including a minority sale or a separate public vehicle. That is a board choice, with sequencing tied to taking MLSE to 100 percent. The mechanism is clear, sell a slice or list a bundle, while keeping operating control.
Capital gives room to manoeuvre. Rogers cut 2025 capex guidance to C$3.7 billion and lifted free cash flow guidance to C$3.2 to C$3.3 billion, after a US$4.85 billion network equity deal lowered leverage to 3.9x. Those cash and leverage stats enable the MLSE put or any sports transaction without starving networks.
One risk sits in Wireless. Management admitted pressure on service revenue and ARPU, even with best‑in‑two‑years churn. If ARPU drags beyond holiday promos, the sports optionality must carry more weight.
The scoreboard for Q4 is simple. More home dates at Rogers Centre this week, then the meter stops. The asset strategy, MLSE control and a potential sports carve are the lasting levers.
