A Canadian media company is now the majority stakeholder in the Toronto Maple Leafs.

On Wednesday, Rogers Communications announced that it has taken full control of Bell's 37.5 per cent stake in Maple Leaf Sports and Entertainment (MLSE), sealing the deal for $4.7 billion CAD ($3.48 billion USD).

While the two media giants formerly held equal shares, this move now gives Rogers a commanding 75 per cent stake in the parent company of Toronto's top sports franchises, including the Toronto Maple Leafs, Toronto Raptors and Toronto FC.

"MLSE is one of the most prestigious sports and entertainment organizations in the world and we're proud to expand our ownership of these coveted sports teams," Rogers president and CEO Tony Staffieri said in a statement.

"As Canada's leading communications and entertainment company, live sports and entertainment are a critical part of our core business strategy."

With this acquisition, MLSE's total valuation has hit a whopping $9.3 billion, making it one of the most valuable sports entities in North America.

According to a press release, Sportsnet, which is owned by Rogers, will continue to broadcast 50 per cent of Maple Leafs regional games and 50 per cent of Raptors games controlled by MLSE.