Rogers Communications, Inc. - RCI STOCK NEWS

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.

Rogers Communications Inc. and Shaw Communications Inc. have agreed to postpone the closing of their proposed merger until they reach a settlement with the Commissioner of Competition or the Tribunal rules on their case. The companies are focused on divesting Shaw's wireless business as part of the merger process. They assert that the merger will enhance infrastructure investments, create jobs, and improve competition in Canada. The merger has received shareholder and court approvals, yet remains subject to further regulatory approvals.

Rogers Communications and Shaw Communications have been notified of the Commissioner of Competition's intent to oppose their merger. To alleviate concerns about market competitiveness, they are engaged in selling Shaw’s Freedom Mobile. The companies assert the merger will benefit Canadians through investments in digital infrastructure, including a $2.5 billion commitment to 5G and a $1 billion connectivity fund. The transaction remains subject to regulatory approvals and has received support from Shaw's shareholders and the CRTC.

Rogers Communications announced the results from its Annual General Meeting held on April 20, 2022. Shareholders overwhelmingly approved all proposed items, including appointing KPMG LLP as auditors and electing all proposed directors. A total of 108,640,213 Class A shares, representing 97.74% of voting stock, participated in the director elections. Notable votes included Jack L. Cockwell and Ivan Fecan, who received 99.990% support. The auditors, KPMG LLP, were appointed with 99.995% approval from 108,668,529 shares.

Rogers Communications Inc. has declared a quarterly dividend of 50 cents per share for its Class B Non-Voting and Class A Voting shares. The dividend will be paid on July 4, 2022, to shareholders who are on record as of June 10, 2022. This announcement reaffirms Rogers' commitment to distributing income to its shareholders. The company is a leading provider of communications and media services across Canada, publicly traded on both the Toronto Stock Exchange and the New York Stock Exchange.

Rogers Communications reported strong Q1 2022 results, with total service revenue rising 6% to CAD 3,196 million and adjusted EBITDA increasing 11% to CAD 1,539 million. The company added 66,000 net postpaid mobile phone subscribers, reducing churn to 0.71%. Full-year guidance has been raised, expecting service revenue growth of 6-8% and adjusted EBITDA growth of 8-10%. Free cash flow projections increased to between CAD 1.9 and 2.1 billion. The Shaw acquisition remains on schedule for Q2 2022, with regulatory approvals progressing.