Rogers Communications vs Telephone and Data Systems: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Rogers Communications Inc (RCI)

Q3 202622 Jul – 1 Oct 2026

▲3

Rogers buys full MLSE control, sports-media push drives the story

Rogers completes C$4.35B MLSE buyout, forms Rogers Sports Rogers finished buying the last 25% of Maple Leaf Sports & Entertainment for C$4.35 billion, giving it 100% of the Leafs, Raptors and more. It is folding these teams plus the Blue Jays into one new unit, Rogers Sports. Owning the whole thing lets Rogers later sell a minority slice to pay down debt.
This is the period's biggest event and the core of the bull case for RCI.
Strong Q2: cash flow up, spending down, less discounting Rogers' second-quarter results showed revenue up 8%, free cash flow of C$1 billion, and capital spending down 16% to its lowest share of sales since 2008. Wireless added 40,000 net subscribers even as average revenue per user slipped 2%, and management said it is pulling back from heavy discounting.
It shows the underlying business generating more cash while spending less, which supports the stock.
Sports and media deals expand reach and revenue Rogers signed a 12-year French-language NHL sublicensing deal with Quebecor, putting up to 350 games a season on TVA Sports, and extended its Rogers Place/Oilers partnership through 2036. These deals widen distribution of Rogers' sports content and deepen its brand ties to hockey fans.
They show Rogers monetizing its costly NHL rights and sports assets, a key growth lever.
New C$1.6B debt raises cash but adds leverage Rogers priced C$1.6 billion of long-dated subordinated notes, split between U.S. and Canadian dollars. The money gives Rogers flexibility, but it adds debt on top of the C$4.35 billion MLSE purchase, so the balance sheet stays a real concern for investors.
It is the main counterweight: funding the sports bet increases Rogers' debt load.

August 202622 Jul – 1 Oct 2026

▲3

Rogers buys full MLSE control, sports-media push drives the story

Rogers completes C$4.35B MLSE buyout, forms Rogers Sports Rogers finished buying the last 25% of Maple Leaf Sports & Entertainment for C$4.35 billion, giving it 100% of the Leafs, Raptors and more. It is folding these teams plus the Blue Jays into one new unit, Rogers Sports. Owning the whole thing lets Rogers later sell a minority slice to pay down debt.
This is the period's biggest event and the core of the bull case for RCI.
Strong Q2: cash flow up, spending down, less discounting Rogers' second-quarter results showed revenue up 8%, free cash flow of C$1 billion, and capital spending down 16% to its lowest share of sales since 2008. Wireless added 40,000 net subscribers even as average revenue per user slipped 2%, and management said it is pulling back from heavy discounting.
It shows the underlying business generating more cash while spending less, which supports the stock.
Sports and media deals expand reach and revenue Rogers signed a 12-year French-language NHL sublicensing deal with Quebecor, putting up to 350 games a season on TVA Sports, and extended its Rogers Place/Oilers partnership through 2036. These deals widen distribution of Rogers' sports content and deepen its brand ties to hockey fans.
They show Rogers monetizing its costly NHL rights and sports assets, a key growth lever.
New C$1.6B debt raises cash but adds leverage Rogers priced C$1.6 billion of long-dated subordinated notes, split between U.S. and Canadian dollars. The money gives Rogers flexibility, but it adds debt on top of the C$4.35 billion MLSE purchase, so the balance sheet stays a real concern for investors.
It is the main counterweight: funding the sports bet increases Rogers' debt load.

Latest22 Jul – 1 Oct 2026

▲3

Rogers buys full MLSE control, sports-media push drives the story

Rogers completes C$4.35B MLSE buyout, forms Rogers Sports Rogers finished buying the last 25% of Maple Leaf Sports & Entertainment for C$4.35 billion, giving it 100% of the Leafs, Raptors and more. It is folding these teams plus the Blue Jays into one new unit, Rogers Sports. Owning the whole thing lets Rogers later sell a minority slice to pay down debt.
This is the period's biggest event and the core of the bull case for RCI.
Strong Q2: cash flow up, spending down, less discounting Rogers' second-quarter results showed revenue up 8%, free cash flow of C$1 billion, and capital spending down 16% to its lowest share of sales since 2008. Wireless added 40,000 net subscribers even as average revenue per user slipped 2%, and management said it is pulling back from heavy discounting.
It shows the underlying business generating more cash while spending less, which supports the stock.
Sports and media deals expand reach and revenue Rogers signed a 12-year French-language NHL sublicensing deal with Quebecor, putting up to 350 games a season on TVA Sports, and extended its Rogers Place/Oilers partnership through 2036. These deals widen distribution of Rogers' sports content and deepen its brand ties to hockey fans.
They show Rogers monetizing its costly NHL rights and sports assets, a key growth lever.
New C$1.6B debt raises cash but adds leverage Rogers priced C$1.6 billion of long-dated subordinated notes, split between U.S. and Canadian dollars. The money gives Rogers flexibility, but it adds debt on top of the C$4.35 billion MLSE purchase, so the balance sheet stays a real concern for investors.
It is the main counterweight: funding the sports bet increases Rogers' debt load.

Telephone and Data Systems Inc (TDS)

Q3 20267 Aug – 30 Sep 2026

▲3▼1

TDS Swings to Profit, Drops Array Buyout, Turns to Buybacks

Q2 profit swing on spectrum sales and fiber growth TDS swung to a Q2 profit of about $281 million, helped by selling wireless spectrum for cash and adding fiber customers. Management raised its 2026 fiber build target, a sign the core business is expanding. This supports the stock because profits and growth are improving.
The profit swing and raised fiber target are the main positive fundamental drivers this period.
Telecom revenue guidance cut and fiber costs rising TDS Telecom's 2026 revenue outlook was lowered and spending on fiber was increased, which could pressure margins and cash. Legacy copper and cable sales keep shrinking. This weighs on the stock because the core telecom unit is earning less while costing more to build.
It is the main counterweight to the positive earnings and explains why the stock did not simply rally.
Array buyout dropped, buybacks to restart TDS walked away from buying the rest of Array Digital with its own shares, a deal that would have diluted existing owners. Instead it will use about $524 million left in its buyback plan to repurchase stock, which can lift the share price by shrinking the number of shares.
The withdrawn dilutive deal and restart of buybacks is a clear new capital-return catalyst.
Spectrum monetization to fund fiber without dilution TDS and Array plan to speed up sales of Array's leftover wireless spectrum, turning unused assets into cash. That cash can fund TDS Telecom's fiber expansion without issuing new shares or taking on heavy debt, which supports the stock by reducing financing risk.
It explains how TDS intends to pay for growth, a key part of the period's story.

September 20267 Aug – 30 Sep 2026

▲3▼1

TDS Swings to Profit, Drops Array Buyout, Turns to Buybacks

Q2 profit swing on spectrum sales and fiber growth TDS swung to a Q2 profit of about $281 million, helped by selling wireless spectrum for cash and adding fiber customers. Management raised its 2026 fiber build target, a sign the core business is expanding. This supports the stock because profits and growth are improving.
The profit swing and raised fiber target are the main positive fundamental drivers this period.
Telecom revenue guidance cut and fiber costs rising TDS Telecom's 2026 revenue outlook was lowered and spending on fiber was increased, which could pressure margins and cash. Legacy copper and cable sales keep shrinking. This weighs on the stock because the core telecom unit is earning less while costing more to build.
It is the main counterweight to the positive earnings and explains why the stock did not simply rally.
Array buyout dropped, buybacks to restart TDS walked away from buying the rest of Array Digital with its own shares, a deal that would have diluted existing owners. Instead it will use about $524 million left in its buyback plan to repurchase stock, which can lift the share price by shrinking the number of shares.
The withdrawn dilutive deal and restart of buybacks is a clear new capital-return catalyst.
Spectrum monetization to fund fiber without dilution TDS and Array plan to speed up sales of Array's leftover wireless spectrum, turning unused assets into cash. That cash can fund TDS Telecom's fiber expansion without issuing new shares or taking on heavy debt, which supports the stock by reducing financing risk.
It explains how TDS intends to pay for growth, a key part of the period's story.

Latest7 Aug – 30 Sep 2026

▲3▼1

TDS Swings to Profit, Drops Array Buyout, Turns to Buybacks

Q2 profit swing on spectrum sales and fiber growth TDS swung to a Q2 profit of about $281 million, helped by selling wireless spectrum for cash and adding fiber customers. Management raised its 2026 fiber build target, a sign the core business is expanding. This supports the stock because profits and growth are improving.
The profit swing and raised fiber target are the main positive fundamental drivers this period.
Telecom revenue guidance cut and fiber costs rising TDS Telecom's 2026 revenue outlook was lowered and spending on fiber was increased, which could pressure margins and cash. Legacy copper and cable sales keep shrinking. This weighs on the stock because the core telecom unit is earning less while costing more to build.
It is the main counterweight to the positive earnings and explains why the stock did not simply rally.
Array buyout dropped, buybacks to restart TDS walked away from buying the rest of Array Digital with its own shares, a deal that would have diluted existing owners. Instead it will use about $524 million left in its buyback plan to repurchase stock, which can lift the share price by shrinking the number of shares.
The withdrawn dilutive deal and restart of buybacks is a clear new capital-return catalyst.
Spectrum monetization to fund fiber without dilution TDS and Array plan to speed up sales of Array's leftover wireless spectrum, turning unused assets into cash. That cash can fund TDS Telecom's fiber expansion without issuing new shares or taking on heavy debt, which supports the stock by reducing financing risk.
It explains how TDS intends to pay for growth, a key part of the period's story.