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 Inc. is set to release its third quarter 2022 financial results on November 9, 2022, prior to market opening. The results will be disseminated via newswire and will be available on their investor relations website. Management will hold a teleconference at 8:00 a.m. ET to discuss the financial outcomes and future outlook. Interested parties can access the live webcast through the company's website or dial in via a provided toll-free number. A recording of the presentation will also be accessible post-conference.
Rogers Communications Inc. (RCI) has announced an extension of the Special Mandatory Redemption Date for its various Senior Notes to December 31, 2023. This extension allows RCI to maintain bond financing during the anticipated closing of the Shaw Communications acquisition. The consent solicitations for the Notes concluded on August 31, 2022, with RCI committing to pay approximately Cdn$520 million in Initial Consent Fees to consenting holders by September 9, 2022. The extension ensures proceeds from the Notes remain available for an additional year.
Rogers Communications Inc. (RCI) announced on August 22, 2022, its intention to amend the indentures governing eight series of its senior notes. This move aims to extend the Special Mandatory Redemption date from December 31, 2022, to December 31, 2023, in connection with its proposed acquisition of Shaw Communications. The consent solicitations for the amendments will expire on August 31, 2022. If the acquisition isn't completed by the new date, Rogers is obligated to redeem the notes at 101% of their principal value, plus accrued interest.
Rogers Communications reported strong Q2 2022 results, showcasing an 8% increase in total revenue to CAD 3.868 billion. Wireless service revenue rose 11%, while adjusted EBITDA surged 16% to CAD 1.592 billion. Notably, postpaid mobile net adds reached 122,000, with churn improving to 0.68%. Despite a CAD 150 million customer credit from a recent outage, the company remains optimistic, affirming full-year guidance for service revenue and EBITDA growth. The ongoing Shaw acquisition is projected to enhance competitive dynamics, ensuring long-term value for Canadian consumers.
Rogers Communications, Shaw Communications, and the Shaw Family Living Trust have extended the deadline for their proposed merger to December 31, 2022, with a potential option to extend to January 31, 2023. The merger aims to combine their resources and networks, marking a significant move in the Canadian telecommunications industry. They are also pursuing the sale of Freedom Mobile to Quebecor, with negotiations ongoing. This transaction has received necessary approvals but is still subject to further regulatory reviews.
Rogers Communications has declared a quarterly dividend of 50 cents per share on its Class A Voting shares and Class B Non-Voting shares. This dividend will be paid on October 3, 2022 to shareholders of record as of September 9, 2022. Dividends are contingent upon declaration by the Board of Rogers, meaning there is no guaranteed entitlement to future dividends unless declared.
On July 4-5, 2022, early mediation between Rogers Communications and Shaw Communications, alongside the Commissioner of Competition, failed to resolve objections regarding their proposed merger. The review process will persist, and both companies remain open to continued discussions with the Commissioner. Rogers and Shaw aim to demonstrate the merger's benefits, including the divestiture of Freedom Wireless to Quebecor, which would sustain competition in Canada’s wireless sector.
Rogers Communications plans to release its Q2 2022 financial results on July 27, 2022, before the opening of North American financial markets. The results will be accessible via newswire and on their investors.rogers.com. Management will hold a teleconference at 8:00 a.m. ET to discuss results and future outlook.
Rogers Communications and Shaw have agreed to sell Freedom Mobile to Quebecor for an enterprise value of C$2.85 billion, pending regulatory approvals. This divestiture aims to secure a strong fourth wireless carrier in Canada, addressing competition concerns raised by authorities. Quebecor, with a proven track record in telecommunications, will enhance Freedom’s operations and expedite its 5G technology adoption. The sale is part of a broader merger strategy with Shaw, which has already gained necessary shareholder and regulatory approvals.
Rogers Communications announces with deep sorrow the passing of Loretta Rogers at 83, who died peacefully at home surrounded by family. A key figure in the company since 1964, Loretta was dedicated to her family's legacy and community betterment. She significantly contributed to health initiatives, including establishing the Ted Rogers Centre for Heart Research. Edward Rogers, Chairman, expressed profound sadness over her loss, highlighting her compassion and leadership. The Board and employees extend heartfelt condolences to the Rogers family during this difficult time.
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