Good afternoon. I'm Sergey Dluzhevskiy, portfolio manager with Gabelli Funds and communication services analyst with the firm. Next up is Rogers, a diversified communication, sports, and entertainment company that owns the largest national wireless service provider in Canada, the largest cable operator in the country. It also has a media business with a focus on sports and regional TV, which includes the ownership of the Toronto Blue Jays and 75% stake in Maple Leaf Sports & Entertainment, which owns the Maple Leafs, the Raptors, and the FC. Rogers has 540 million shares outstanding, including 111 million voting A shares, with A shares trading around CAD 54, B shares around CAD 53 for a market cap of CAD 29 billion, net debt of CAD 43 billion. We're delighted to have Tony Staffieri, President and CEO of Rogers, and Glenn Brandt, CFO of the company, joining us virtually. Tony has served as the company's Chief Executive Officer since 2022. Prior to that, he held the CFO position at Rogers for nine years. Glenn has been the firm's CFO for the past four years, but he's a veteran of Rogers, having been with the company for over 30 years. Tony and Glenn, thank you for joining us today. Do we have Tony and Glenn on the line? We're waiting for them to come into. Okay. They haven't joined the Zoom meeting just yet, so we're just waiting for them to get in. Okay. We're having some technical difficulties. Just bear with us. Hopefully, in the next minute or two. Do we have a connection? Fairly certain. They're not in the meeting yet. Again, apologies for technical difficulties. Hopefully, Rogers Communications will be here soon. While we're waiting, I think I can just tell you guys why we like Rogers Communications. Obviously, as I mentioned, it's the largest wireless and cable company in Canada, but the third leg of their growth is obviously their sports media and entertainment business. Here you essentially have unparalleled ownership among public companies across major sports. You have 100% ownership of Toronto Blue Jays. Obviously, they made a nice run to the World Series. You have 75% of Maple Leaf Sports & Entertainment, which is basically the Raptors, the Maple Leafs, and Toronto FC. They have the lock on the Toronto sports market, which is depending on various third-party publications, it's anywhere between fourth and sixth largest TV market in North America. They have been vocal about surfacing value from sports, and the next step for them, and hopefully we'll be able to talk to them about it, is buying out remaining 25% of MLSE, combining all the sports assets under one umbrella. That will generate cost synergies, but more importantly, they would be able to leverage this to the benefit of the overall Rogers organization. Potentially, communications business could benefit from it through improved loyalty, customer churn reduction. Also from financial engineering perspective, after buying out the remaining minority interest in MLSE and combining all the assets, the next step for them, they have publicly said that they plan to sell a large minority stake in the combined entity. Potentially, that could be a de-leveraging transaction for them. They're performing well in their core communications business. They have been leaders in subscriber growth in wireless. With acquisition of Shaw several years ago, they achieved their synergy targets one year ahead of schedule. If you look at valuation is undemanding. The company is trading at about six times 2027 EBITDA and we think that the value of sports is hardly reflected in the valuation of the stock. With that, hopefully we'll have Rogers on the screen soon, but we continue to like the company and we think that this is one of the unique assets out there that combines the power of communications with the power of sport. Good afternoon, sir. Can you hear and see us? Yes, I can. Can you hear me? Yep, we can. Great. Tony and Glenn, again, apologies for the technical difficulties. It's great that you're here. We are very pleased to have you. I've done the introduction of the company, and I said why we like the story. Maybe I'll start with a question about company in general before we dive into sports. Tony, in late April, the firm's Executive Chair, Edward Rogers, and you spoke at the company's annual meeting where you highlighted Rogers' formidable competitive position and strong asset portfolio. With that said, you also said that continued elevated competitive intensity in telecom and some regulatory decisions that were unfavorable to the industry ultimately contributed to Rogers lowering its planned capital investment levels. Before we dive into individual businesses, could you share your thoughts at a high level on why you believe the company is well-positioned over medium term despite some of the regulatory headwinds and competitive headwinds that you're seeing? Sure. I'll start, Brandt. That's okay. This is a pretty exciting time for all of us here at Rogers, for a few reasons. We're assembling a terrific set of assets. We've been a leader in cable and wireless throughout the country. We've been in the sports business 25 years through ownership of the Jays and through Sportsnet distribution. Now we're upping our investments in sports with the acquisition of MLSE. In addition to our telecom business, we're putting together ownership of teams in one of the largest cities in North America, and we'll have Toronto Maple Leafs, Toronto Blue Jays, Toronto Raptors, as well as Toronto FC, an MLS team, as well as the Canadian football club. We're really excited about putting those together and having a mix of assets that's everything from team ownership to the distribution to the relationship with Rogers Ignite in a customer's home or through their mobile phone on our network as Rogers customers. It's an exciting time. We've got three priorities that we're focused on. One is materially grow cash flow. For a few different reasons, you would've seen at the end of Q1 us announce a reduction of CapEx. Really two things related to that. One is our investment cycle that we started four years ago to amp up the quality of our network in both cable and wireless, as well as the coverage, is naturally coming to an end. But also we're adjusting the size of our capital envelope to the market realities. The market is in a much slower growth period. Some investments just don't pay out. We've materially reduced the level of CapEx, and that's what we see going forward the next little while. We continue to work on our cost structure. We have industry-leading margins in cable and wireless, and we intend to continue to lead with strong margins. That's one priority. The second priority for us is growing and continuing to grow our telecom business in both cable and wireless. Wireless is right now sitting in a competitive environment that's dampening our growth, but nonetheless still continues to grow at 2%-2.5% a year just through penetration gains. On the cable side, the churn of the business growth. When we closed Shaw several years ago, that business was declining at 4% a year, and now it's growing at 1% a year consistently. As I said, with strong margins consistently in the 58% range. We feel good about that business. The third priority for us is monetizing. The sports assets mostly buy the minority interest in MLSE. Assets that we estimate are worth about CAD 5 billion. None of that is getting our share price moving. We're really excited about bringing in minority investors, setting a mark for value, and bringing in cash. It's going to help us de-lever our balance sheet. Great. Maybe let's dive into sports and then at the end, we may come back to the wireless business. Obviously, as you mentioned, premier collection of assets in all the major sports, and also the value of those assets have been going up. After Blue Jays' exciting run to the World Series, I think year-over-year, third-party Blue Jays valuation is up 17%. I think for Raptors on average, valuations are up 18%, for Maple Leafs, 13%. As you mentioned, you're trying to surface this unlocked significant value, significant unrecognized value from sports. I think the initial steps are going to be buying out the remaining minority interest in MLSE and combining all the assets together and as you mentioned, selling a minority interest in that larger portfolio. With that as a backdrop, can you talk a little bit more about the size of the potential minority interest to be monetized, the timeline for this process, and again, if you could talk about the value of that portfolio. I think you mentioned it, but maybe if you could highlight it again and why you feel that strongly about the value of that sports portfolio. Sure. I'll start with the last part of your question in terms of sports assets, and then pick up in terms of timing and next steps for us in that. To put a little bit more color on our sports and entertainment assets, I mentioned the teams that are included in there. The second piece are some of the other assets that are in there. We own the stadiums, Rogers Centre, as well as Scotiabank Arena, BMO Field, as well as a few other venues. With that, we have a very robust concert business, one of the leading ones in North America. We have a partnership with Live Nation in our markets, and that partnership is working well for us and includes other venues Rogers Stadium, as well as the TD Arena in Hamilton. That business does well. I talked about Sportsnet distribution. Sportsnet is the most viewed sports broadcaster in the country. Between those two businesses, Concert and both sports distribution, they generate significant cash flow of a material amount. What you see is not only sports value growing, and the other thing you notice is the growth in the sports value has outraised the average for Forbes and Sportico consistently over the last several years. Not only has that value, but we have cash flow that's generated from those businesses ending up TV with and as well as Reed found those are assets. Got it. Going a step further, you have talked about not only monetizing but maximizing sports. So if you could share your long-term vision for sports and entertainment within Rogers and how you plan to leverage your premier sports portfolio to the benefit of the overall organization. How they could help the communications business, and where you see revenue synergies, churn reduction opportunities, and any other benefits of combining all those assets together? What we want to make sure is that we leverage all the assets across all our businesses to the maximum capability. You start with customer relationship between the sports entertainment and largest cable and wireless in the country. We have a relationship with over 85% of the population. What we want to do is make sure that we eke out every competitive advantage we have, to the benefit of our customers and to the benefit of our market share and financials. To give you a simple example, if you're a Rogers customer, cable and/or wireless, you'll always have access to your favorite concert, your favorite sporting event, and things like that. We also have a bank license, we have a credit card that we really operate as a loyalty program. If you're a member of the Rogers Red Card program, then that'll also give you access, and entitles you to a number of perks, stadium tours and things like that are starting to work well and resonate. Before we get to what I would call those synergy opportunities, there's a few steps to close out and Glenn was going to go up. Sure. Happy to. Sergey, we have first step in this will be to acquire the 25% interest in MLSE that's owned by a minority partner in MLSE. Rogers Communications, 75% of MLSE. We own 100% of the Rogers Sports & Media group, which includes the Toronto Blue Jays. We'll buy 25% interest either through negotiation or under the shareholders' agreement. In early July, we can trigger a call option on those shares. I'll shortcut the entire process by just simply saying that the steps are well-defined in terms of sequencing and timing under the shareholders' agreement. Once we trigger our call option, to be clear, we're buying, we're not selling. We will have an evaluation for that exercise. I expect that that acquisition will be completed, ideally, early Q4, but sometime in Q4. We have a very fast follow to combine the Rogers Sports & Media assets, including Toronto Blue Jays, Rogers Centre, with the MLSE franchises and properties. Pull that all together, and then we bring that to market to settle down a 20%-30% minority interest is what we're targeting. My expectation is we'll go out to institutional investors. There might be some private individuals that participate as well. The size of this investment, as Tony has said, we believe that collection of assets, once we bring everything together, be worth somewhere in the range of CAD 20 billion-CAD 25 billion or more. We'll bring that to market and look to settle down 20%-30% minority stake. That should raise somewhere in the range of CAD 5 billion-CAD 8 billion. That we'll then use to delever the Rogers Communications balance sheet. We will operate the operation Tony has said in terms of driving synergies and integrating revenues as well as costs across MLSE and Rogers Sports & Media. I'll pause there, and see if there's anything there that you want me to elaborate further. Thank you. That was perfect. Maybe just to close, a very quick question on the wireless business. Obviously, this is the largest business for you. You have been leading the industry in subscriber additions over the last five years, but the growth has slowed due to government's reduction of immigration quotas, and obviously, the promotional discounting in the wireless market has remained elevated for some time. Maybe if you could just briefly focus on how you're differentiated in the wireless marketplace and how you will continue to drive growth in that business and enhance the long-term value of your wireless franchise. Yep, absolutely, Sergey. The wireless market here in Canada, as I referenced earlier, it's growing about 2% - 2.5%. Population growth has stagnated. At least for the near term. We still have penetration gains, closely following penetration growth that you see in the U.S. In wireless, we've got a market of 2% - 2.5%. I would say as our market slowed down over the last six quarters, some of our competitors really leaned in on price as the only differentiator, which I think they quickly realized that it was a zero-sum game for the industry, revenue growth in the industry dramatically slowed. We've come out, we've led the market on differentiating on other than price. We focus on the Rogers brand rather than our flanker brands or discount brands. We're doing pretty well in that. We continue to not only lead in share, but lead in market growth in that segment of the market. We launched our value propositions about a month ago. They're truly unlimited plans, and we differentiate on network, including satellite. We're the only carrier in Canada that has satellite coverage pretty much across the whole country, which is of significant value. Being the largest wireless provider, we have the opportunity to converge and bundle with cable, and increasingly with some of the benefits in sports and entertainment that I talked about. It's those types of value differentiators that we're very much focused on. We do see in the marketplace, I would say, a following of trying to focus on value propositions beyond price. So much of the pricing competitive discounting that you saw last quarter has largely waned as our competitors try to find a better model that works for them in the marketplace. We see the industry dynamics improving, albeit at a slow rate, but that's how we intend to compete and differentiate ourselves. Great. Well, unfortunately, we are out of time. Tony and Glenn, on behalf of everyone at Gabelli, thank you so much for participating in our symposium today. Thank you. Next up is DraftKings.