Rogers Communications (RCI) to Provide Coverage for MLB 2023
Rogers Communications RCI recently announced that it will provide exclusive coverage of Toronto’s Blue Jays in the Major League Baseball (MLB) 2023 on Sportsnet across TV, audio, streaming and digital platforms.
Fans will also be able to tune in to the 30 spring training broadcasts on the Sportsnet Radio Network or via live audio stream on the SN App.
Baseball has been an exciting sport in Canada, per Sports Business Journal, The Blue Jays, which is the only Canadian Team in the tournament, had an average viewership of 896,000 viewers through the regular season of 2022 on Sportsnet, a 39% increase year over year. This marks it as the most-watched season since 2016.
Hence, it is anticipated that the upcoming season, which is about to begin on Mar 30, will receive the same or even larger traction from the audience.
Sportsnet to Aid Growth at Rogers Communications
The media division of Rogers Communications has been performing well as it increased by 17% year over year in the fourth quarter of fiscal 2023, primarily because of the great sports content on Sportsnet.
Sportsnet has been focusing on traditional games along with the common ones, which have allowed it to receive large engagements. It signed a 10-year agreement with Canucks Sports and Entertainment in October last year that renewed a deal to broadcast every Canucks game on Sportsnet’s TV channels, which includes authentic games like ice hockey.
This growth trend is expected to continue as Rogers anticipates its full-year fiscal 2023 revenues to grow 4% to 7%. The recently broadcasted Annual Scotiabank Hockey Day and the upcoming tournaments of MLB 2023 could contribute to the growth.
Rogers Communication, Inc. Price and Consensus
Rogers Communication, Inc. price-consensus-chart | Rogers Communication, Inc. Quote
In addition, the company expects that the advertising revenues could also bolster growth in the upcoming quarters as the COVID-19 restrictions have been lifted and economy has improved with inflation abating.
However, shares of Rogers Communications have declined 6% in the past year against the Zacks Consumer Discretionary sector, which has declined 21.3%. This could be due to the recessionary fears hovering in 2023 that could hinder the growth projections of the company.
Plus, the deal to acquire Shaw Communications SJR, which has now been cleared by the Canadian court, caused investors to lose faith in the company due to the delay in it. Nevertheless, share prices could revive as the deal is finally expected to get closed by this month.
Zack Rank & Stocks to Consider
Rogers Communications currently has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the same sector are Las Vegas Sands LVS and Stride LRN, each sporting a Zacks Rank #1.
Shares of Las Vegas Sands have gained 64.4% in the past year. The Zacks Consensus Estimate for earnings is pegged at 17 cent per share, which has increased by 88% over the past 30 days.
Shares of Stride have gained 19.4% in the past year. Its earnings are estimated at $1.08 per share, which increased by 13.6% over the past 30 days.
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Rogers Communication, Inc. (RCI) : Free Stock Analysis Report
Shaw Communications Inc. (SJR) : Free Stock Analysis Report
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Stride, Inc. (LRN) : Free Stock Analysis Report
