Oct 24 (Reuters) - Canada's Rogers Communications ( RCIAF )

on Thursday missed market expectations for

third-quarter wireless subscriber additions, hit by cautious

spending on its mobile plans and stiff competition in the

telecom space.

The company added 101,000 monthly bill-paying wireless phone

subscribers in the reported quarter, compared with estimates of

129,040, according to analysts polled by Visible Alpha.

Rogers also announced that it has entered into a C$7 billion

equity financing deal with an investor and will use the proceeds

to pay down debt.

Rogers has been seeing weaker spending on its mobile plans

as consumers cut back on purchases amid high inflation levels,

choosing instead to switch to cheaper plans.

Moreover, stiff competition from the other two major

telecom firms in Canada, BCE and Telus ( TU ) have put

pressure on Rogers' subscriber additions and triggered a pricing

shift in the market.

On an adjusted basis, it earned C$1.42 per share, compared

with estimates of C$1.35 per share.

Amid slowing growth in the company's other departments,

the media segment remains a bright spot, growing 11% in the

third quarter owing to higher sports related revenue, Rogers

said.

Rogers, which owns the Toronto Blue Jays Baseball team,

has been aggressively investing into Canadian sports over the

past few years to capitalize on its strong viewership and loyal

fanbase amid a broader decline in traditional media.

Media revenue of C$653 million came in above analysts'

estimates of C$626.7 million, according to data compiled by

LSEG.

Total revenue for the July-to-September quarter was

C$5.13 billion, below estimates of C$5.17 billion.

The company bought Bell's stake in Maple Leaf Sports &

Entertainment for C$4.7 billion last month, to become the

majority owner of the Canadian sports firm behind Toronto

Raptors basketball team and NHL's Toronto Maple Leafs.

($1 = 1.3817 Canadian dollars)