Welcome to our dedicated page for Rogers Comm news (Ticker: RCI), a resource for investors and traders seeking the latest updates and insights on Rogers Comm stock.
Rogers Communications Inc. (RCI) is a pivotal force in Canada's telecommunications and media landscape. Established in 1960, Rogers has consistently introduced innovative technology, connecting millions of Canadians coast-to-coast. The company excels in providing wireless services, high-speed internet, cable television, and landline phone services.
With over 11 million wireless subscribers, Rogers is the largest wireless service provider in Canada, accounting for one-third of the total market. The wireless segment alone generates over half of Rogers' revenue, highlighting its critical role in the company's financial health. In recent years, Rogers has bolstered its revenue through the strategic acquisition of Shaw Communications, expanding its cable segment to cover 35% of total revenue.
Beyond telecommunications, Rogers has a significant footprint in the media sector. The company owns and operates numerous television and radio stations and is a noteworthy entity in Canadian sports. Rogers is the owner of the Toronto Blue Jays and holds stakes in several major sports teams, including the Toronto Maple Leafs, Raptors, FC, and Argonauts, underscoring its deep-rooted involvement in the Canadian sports scene.
Rogers’ commitment to innovation and customer satisfaction is reflected in its continuous advancement of network technology and expansion of service offerings. Notable recent achievements include the transition to 5G networks and the integration of home monitoring systems, further enhancing value for customers.
Financially, Rogers has demonstrated robust performance, recently reporting record results for 2023. This success was driven by the strong execution of the Shaw acquisition and industry-leading performance, making Rogers the preferred carrier for Canadians for the second consecutive year.
In terms of sustainability and social impact, Rogers remains proactive, as evidenced by its 2023 Sustainability and Social Impact Report. The company champions climate change initiatives and social responsibility, with leadership figures like Ms. Martha Rogers playing crucial roles in these endeavors.
Rogers continues to form strategic partnerships to extend its reach and enhance customer experience. A recent two-year agreement with Amazon and the NHL allows more fans to access live games across multiple devices, exemplifying Rogers' innovative approach to content distribution.
Rogers Communications reported strong Q4 2022 results, showcasing significant growth in Wireless and Media sectors. Key highlights include:
- Postpaid mobile phone net additions of 193,000, a 37% increase.
- Total service revenue up 6% to CAD 4,166 million, with adjusted EBITDA rising 10% to CAD 1,679 million.
- Media revenue surged by 17%, contributing an additional CAD 83 million to adjusted EBITDA.
- Capital expenditures reached CAD 776 million, with a total investment of CAD 3.1 billion in 2022.
- 2023 guidance indicates continued growth, projecting total service revenue growth of 4% to 7% and adjusted EBITDA growth of 5% to 8%.
Rogers Communications has declared a quarterly dividend of 50 cents per share on its Class A and Class B shares. The dividend payment is scheduled for April 3, 2023, with a record date of March 10, 2023. This decision reflects the company’s ongoing commitment to providing returns to its shareholders.
Shareholders should note that dividends are only payable as declared by the Board of Directors, with no entitlement until the declaration is made. Rogers Communications remains a significant player in the Canadian technology and media sector, with shares available on both the Toronto Stock Exchange (TSX: RCI.A, RCI.B) and New York Stock Exchange (NYSE: RCI).
Rogers Communications Inc., Shaw Communications Inc., and Quebecor Inc. announced an extension of the merger agreement's outside date to February 17, 2023. This merger involves the acquisition of Freedom Mobile by Videotron, a subsidiary of Quebecor. Approval from Innovation, Science and Economic Development Canada (ISED) is required for the spectrum license transfer from Shaw to Videotron. Recent rulings have favored the merger, including a Federal Court of Appeal dismissal of an appeal by the Commissioner of Competition. Both companies reaffirm their commitment to these transactions, providing anticipated benefits to Canadian consumers.
On January 24, 2023, Rogers Communications Inc. announced a favorable ruling from the Federal Court of Appeal regarding its merger with Shaw Communications Inc. and Freedom Mobile's acquisition by Quebecor Inc. The court dismissed the appeal against the Competition Tribunal's earlier decision, which supported the transactions aimed at enhancing competition in Canada. The Minister of Innovation must approve spectrum transfers for the merger to proceed. Shareholder approval has already been obtained, along with previous endorsements from regulatory bodies. Despite this progress, completion remains contingent on further regulatory approvals and customary closing conditions.
Rogers Communications and Shaw Communications have stated their commitment to the proposed merger amidst an appeal by the Commissioner of Competition against the Competition Tribunal's approval. The Tribunal determined that the merger is unlikely to substantially lessen competition in Alberta and British Columbia, asserting that it can enhance competition instead. Shareholder approval has been secured, and key regulatory bodies have already approved necessary licenses. However, uncertainty remains regarding the appeal outcome and further regulatory approvals.
Rogers Communications and Shaw Communications received a favorable decision from the Competition Tribunal regarding the acquisition of Freedom Mobile by Videotron, paving the way for the Rogers-Shaw Transaction. The only pending approval is from the Minister of Innovation, Science and Industry for the transfer of wireless spectrum licenses to Videotron. The deadline for the transaction has been extended to January 31, 2023. Previously, approvals were secured from Shaw shareholders and the Court of King’s Bench of Alberta, with additional approvals expected for the merger to complete successfully.
Rogers Communications plans to release its fourth quarter and full year 2022 financial results on February 2, 2023, before North American markets open. The results will be distributed via newswire and available on investors.rogers.com. Management will hold a teleconference at 8:00 a.m. ET to discuss results and outlook.
Rogers Communications has declared a quarterly dividend of 50 cents per share on its Class B Non-Voting and Class A Voting shares. This dividend will be paid on January 3, 2023, to shareholders recorded on December 9, 2022. The payment of future dividends remains at the discretion of Rogers' Board of Directors, meaning there’s no automatic entitlement to dividends outside of declared payments.
Rogers is a prominent Canadian technology and media company, publicly traded on the TSX and NYSE under the ticker RCI.
Rogers Communications reported strong Q3 results, with mobile net additions of 221,000, marking a 30,000 increase from last year. Adjusted EBITDA declined 1% to $1.583 billion, impacted by $150 million in customer credits from a network outage. Total service revenue grew 3%, while wireless service revenue increased 9%. Media revenue surged 12% driven by higher attendance at sporting events. The company plans to invest $20 billion in network improvements over five years, and reaffirmed its full-year guidance for 2022.
MONTREAL and TORONTO and CALGARY, Alberta, Oct. 27, 2022 - Quebecor, Rogers Communications, and Shaw Communications participated in a mediation session, which did not result in a settlement. The companies expressed disappointment and criticized the Bureau's engagement, claiming it hinders lower wireless prices in Canada. They remain committed to transactions expected to transform the Canadian telecommunications landscape, allowing Videotron to emerge as a robust competitor and enhancing Shaw-Rogers' wireline business. Both transactions are seen as pathways to affordable telecommunications for Canadians.
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