08:35 AM EDT, 04/01/2025 (MT Newswires) -- Rogers Communications Inc. (RCI-B.TO) is effectively partially paying itself with the renewal of its Canadian NHL broadcast deal, TD Securities said on Tuesday.

"...Any increase in Canadian NHL rights should enhance the value of The Toronto Maple Leafs," analyst Vince Valentini said in a note to clients.

In September, Rogers announced the purchase of Bell's 37.5% stake in Maple Leaf Sports & Entertainment for $4.7 Billion.

The Canadian telecom company is reportedly renewing its TV rights in Canada with a new 12-year, approximately $11 Billion deal.

"The reported headline contract value is sure to raise some eyebrows, but we fully expect Rogers to offload a meaningful portion of these NHL rights, similar to what they did with the last contract," Valentini said in a note to clients. "This time around, Rogers has options to sell games to streaming platforms (Prime is already doing this), in addition to other broadcasters."

"Until we get clarity, there could be a bit of extra uncertainty priced into RCI.B shares, but once the dust settles we do not expect this rights renewal to be either a negative for Rogers, nor an overly material event," the analyst said.

Valentini maintained a Buy rating and $64 price target on Rogers shares.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)