Rogers Communications Inc. (NYSE:RCI) shares are trading higher on Thursday. On Wednesday, the company disclosed an agreement to acquire Bell's 37.5% stake in Maple Leaf Sports & Entertainment (MLSE) for $3.46 billion (Canadian $4.7 billion).

Upon closure, Rogers will hold a 75% controlling interest in MLSE. Bell will retain long-term broadcast and sponsorship rights, including access to 50% of Toronto Maple Leafs and Raptors games.

This deal expands Rogers' sports portfolio, which includes ownership of the Toronto Blue Jays, Rogers Centre and Sportsnet, and partnerships with the Vancouver Canucks, Edmonton Oilers, Calgary Flames and the NHL.

With this transaction, Rogers aims to continue investing in efforts to bring championships to Canada. The transaction is pending league and regulatory approvals.

"As Canada's leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy," said Tony Staffieri, Rogers Communications president and CEO.

In July, the company reported second-quarter revenues of $3.7 billion (C$5.093 billion), missing the consensus of $3.76 billion (C$5.105 billion).

As of June 30, the firm had $3.17 billion (C$4.3 billion) of available liquidity, consisting of $331,980,750 (C$0.45 billion) in cash and cash equivalents and $2.8 billion (C$3.85 billion) available under bank and other credit facilities.

RCI Price Action: RCI shares are up 0.50% at $39.84 at the last check Thursday.

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