Rogers Communications Inc. is buying BCE Inc.’s 37.5% stake in Maple Leaf Sports & Entertainment Ltd. for C$4.7 billion ($3.5 billion), giving the telecommunications giant a majority stake in the sports company whose most valuable assets include the Toronto Maple Leafs hockey club and the Toronto Raptors.

Jack Armstrong isn't going anywhere.Despite Rogers' decision to buy out Bell's 37.5% stake in MLSE, the two telecommunication giants have agreed to keep their current division of television broadcast rights in place for the next 20 years.

For over a decade, all of Toronto’s sport teams were owned by two telecommunications companies: Bell and Rogers. But that has changed with today's massive announcement.