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    New Details on Rogers' Earnings From Blue Jays World Series Run

    The Blue Jays made a pile of cash from their run to the World Series. Hopefully, ownership will continue investing that money back into the roster. 
    Leo Morgenstern

    By Leo Morgenstern

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    We'll never know exactly how much extra cash the Blue Jays brought in with their run to the World Series last fall. It's may not even be possible to put an exact number on it. Still, financial details have slowly emerged over the past few months.  

    Earlier in January, a report came out suggesting that Toronto's playoff run was worth "over $100 million" to the organization. Then, on Thursday, Rogers CEO Tony Staffieri provided details about the company's fourth quarter earnings. 

    Rogers' media revenue over the final three months of 2025 was $1.24 billion. That's significantly more than twice their revenue from the last quarter of 2024 ($547 million). While note all of that can be attributed to the Blue Jays (Staffieri also credited increased revenue from Maple Leaf Sports & Entertainment (MLSE), which Rogers officially purchased an additional 37.5% stake in last summer. Still, it's clear that the Blue Jays pulled in an enormous amount of money over the 18 games they played in October. Hopefully, ownership will continue to invest that money back into the roster. 

    Staffieri also confirmed that Game 7 of the World Series between the Blue Jays and Dodgers was "the most watched Rogers broadcast ever." In fact, it was "the most-watched broadcast in Canada’s history" outside of the 2010 Winter Olypmics. On top of the financial implications of the Blue Jays' national popularity, it's just plain exciting to think about how beloved this team can be when it's playing winning baseball.

    Featured image courtesy of Nick Turchiaro, Imagn Images.

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    Bob Ritchie

    Bob Ritchie 70

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    • Posted

    The National Bank's telecom analyst estimated that Rogers realized approximately CAD 100 million in additional revenue (gate receipts, media sales [Sportsnet], etc.) from the Blue Jays' postseason. Let's check it out.

    First, Rogers increased its MLSE holding from 37.5% to 75% on July 2, 2025. Second, before July 2, Rogers would have accounted for MLSE using the equity method, which means Rogers' 37.5% interest would be reported as a single item on the Statement of Operations (Income Statement), but not in the revenue line. However, when Rogers' MLSE interest increased to 75%, the accounting method would have switched from the equity method to full consolidation. Therefore, after July 1, 2025, Rogers Media would include each line item from MLSE's financial statements, including revenues. Accordingly, MLSE's revenues would be reflected in Rogers Media revenue, where they had not before July 2. Third, Staffieri said Rogers 2025 Media's revenue would have increased from CAD 3.3 billion to CAD 4.1 billion if it had held the 75% MLSE stake as of January 1, 2025.

    How much was MLSE's impact on Rogers' 2025 Q3 and Q4 revenue? Let's assume that all of MLSE's revenue comes from the Raptors and Leafs. Also, let's assume that the Raptors and Leafs record revenues during their respective seasons. Therefore, MLSE's CAD 800 million in Q1 and Q2 revenues occurred between January and April. That works out to be CAD 200 million per month. Hence, a rough estimate of MLSE's Q3 and Q4 revenues is CAD 0 million in Q3 and CAD 600 million in Q4 (3 months at CAD 200 million).

    Let's come back to Rogers Q4 numbers. 2025 Q4 revenues were CAD 1,240 million, and 2024 Q4 revenues were CAD 547 million. The 2025 Q4-2024 Q4 increase, excluding MLSE, is CAD 1,240 million, less 2024 Q4 CAD 547 million and CAD 600 million (the MLSE revenue bump), for a net increase of CAD 93 million. The CAD 93 million is close to the $100 million estimate from the National Bank for additional revenues from the Blue Jays' postseason run (ticket sales, media sales, etc.).

    Admittedly, this check is crude, but it shows that the CAD 100 million estimate of the Blue Jays' postseason revenue boost is in the ballpark.



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