TORONTO (AP) — The NHL and Rogers Communications announced a new 12-year national media rights deal Wednesday to air games on multiple platforms in Canada.
The agreement, which was first reported Monday, is valued at $11 billion Canadian dollars, or roughly $7.7 billion. The new deal runs through the 2037-38 season.
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Rogers Communications President and CEO Tony Staffieri stands following an NHL hockey press conference in Toronto, Wednesday, April 2, 2025. (Sammy Kogan/The Canadian Press via AP)
NHL commissioner Gary Bettman speaks at an NHL hockey press conference in Toronto, Wednesday, April 2, 2025. (Sammy Kogan/The Canadian Press via AP)
Rogers Sports and Media President Colette Watson speaks at an NHL hockey press conference in Toronto, Wednesday, April 2, 2025. (Sammy Kogan/The Canadian Press via AP)
Rogers Sports and Media President Colette Watson speaks at an NHL hockey press conference in Toronto, Wednesday, April 2, 2025. (Sammy Kogan/The Canadian Press via AP)
NHL commissioner Gary Bettman speaks at an NHL hockey press conference in Toronto, Wednesday, April 2, 2025. (Sammy Kogan/The Canadian Press via AP)
Rogers Sports and Media President Colette Watson, left to right, Rogers Communications President and CEO Tony Staffieri, NHL commissioner Gary Bettman and NHL deputy commissioner Bill Daly speak at an NHL hockey press conference in Toronto, Wednesday, April 2, 2025. (Sammy Kogan/The Canadian Press via AP)
Vegas Golden Knights goaltender Adin Hill (33) reaches for the puck as Minnesota Wild right wing Justin Brazeau (15) pressures during the third period of an NHL hockey game, Tuesday, March 25, 2025, in St. Paul, Minn. (AP Photo/Abbie Parr)
Minnesota Wild left wing Matt Boldy (12), bottom, left, celebrates with teammates after scoring a goal during the second period of an NHL hockey game against the Washington Capitals, Thursday, March 27, 2025, in St. Paul, Minn. (AP Photo/Abbie Parr)
“Based on how the discussions were going and Rogers’ resolve to retain us and our resolve to try and continue to make the partnership work, we actually extended the exclusive negotiating period so that we could get to a point that we were both comfortable,” Commissioner Gary Bettman said at a news conference about the deal. “It wasn’t what I would describe as contentious in the least. I think we were pretty much on the same page. We had to work a little bit on the money, but that came together as well. But in the final analysis, we wanted to be together. And that’s how it came together, as quickly as it did.”
In Canadian dollars, it is worth more than double the previous contract signed in November 2013 that cost Rogers $5.2 billion in the local currency.
Rogers CEO Tony Staffieri said the finances have worked out and will continue to work out with the new deal. Sportsnet, Rogers' sports network, said its revenue has more than doubled since 2013.
“The value of live sports content just continues to appreciate, and it’s really rooted in viewership continuing to grow,” Staffieri said. “If you look at our NHL deal over the last decade, viewership grew by 50%. And with that kind of growth, what you see is revenue growing at a very steady and healthy pace in terms of advertising revenue, subscription revenue, and in the deal we have now, sub-licensing revenue. And so as we look to the next 12 years, we were very thoughtful in how we thought about the economics.”
The NBA’s U.S. rights deal went up 160% from 2016 to 2025 and the NHL’s U.S. rights deal increased by 213% from 2011 to 2021. Rogers’ deal is a 111% raise from 2014 to 2026.
This is the league’s latest source of revenue after contracting with ESPN and Turner Sports in 2021 for the current U.S. TV and streaming rights deal for $4.5 billion over seven years combined.
The deal includes national rights across all platforms, including TV, digital, and streaming, for all national regular-season games, in all languages, as well as out-of-market rights for all regional games.
It also includes national rights to all playoff games, the Stanley Cup Final and all special events and tentpole events, in all languages.
The agreement allows for strategic sub-licensing for a subset of the rights, including national French-language and a single-night exclusive national package.
AP NHL: https://apnews.com/hub/NHL
Rogers Communications President and CEO Tony Staffieri stands following an NHL hockey press conference in Toronto, Wednesday, April 2, 2025. (Sammy Kogan/The Canadian Press via AP)
NHL commissioner Gary Bettman speaks at an NHL hockey press conference in Toronto, Wednesday, April 2, 2025. (Sammy Kogan/The Canadian Press via AP)
Rogers Sports and Media President Colette Watson speaks at an NHL hockey press conference in Toronto, Wednesday, April 2, 2025. (Sammy Kogan/The Canadian Press via AP)
Rogers Sports and Media President Colette Watson speaks at an NHL hockey press conference in Toronto, Wednesday, April 2, 2025. (Sammy Kogan/The Canadian Press via AP)
NHL commissioner Gary Bettman speaks at an NHL hockey press conference in Toronto, Wednesday, April 2, 2025. (Sammy Kogan/The Canadian Press via AP)
Rogers Sports and Media President Colette Watson, left to right, Rogers Communications President and CEO Tony Staffieri, NHL commissioner Gary Bettman and NHL deputy commissioner Bill Daly speak at an NHL hockey press conference in Toronto, Wednesday, April 2, 2025. (Sammy Kogan/The Canadian Press via AP)
Vegas Golden Knights goaltender Adin Hill (33) reaches for the puck as Minnesota Wild right wing Justin Brazeau (15) pressures during the third period of an NHL hockey game, Tuesday, March 25, 2025, in St. Paul, Minn. (AP Photo/Abbie Parr)
Minnesota Wild left wing Matt Boldy (12), bottom, left, celebrates with teammates after scoring a goal during the second period of an NHL hockey game against the Washington Capitals, Thursday, March 27, 2025, in St. Paul, Minn. (AP Photo/Abbie Parr)
NEW YORK (AP) — U.S. stocks are swinging in a manic Monday after President Donald Trump doubled down on his tariffs, despite seeing how much Wall Street wants him to do the opposite.
The S&P 500 was up 0.3% in afternoon trading, coming off its worst week since COVID began crashing the global economy in March 2020. The index, which sits at the heart of many investors’ 401(k) accounts, has been flirting with a drop of 20% from its record set less than two months ago.
The Dow Jones Industrial Average was down 184 points, or 0.5%, as of 2:37 p.m. Eastern time, and the Nasdaq composite was 0.8% higher.
Earlier in a heart-racing morning, the Dow plunged as many as 1,700 points shortly after trading began, following even worse losses worldwide on worries that Trump's tariffs could torpedo the global economy. But it suddenly surged to a leap of nearly 900 points. The S&P 500 went from a loss of 4.7% to a gain of 3.4%, which would have been its biggest jump in years.
The sudden rise for stocks followed a false rumor that Trump was considering a 90-day pause on his tariffs, one that a White House account on X quickly labeled as “fake news.” Stocks then turned back down. That a rumor could move trillions of dollars' worth of investments shows how much investors are hoping to see signs that Trump may let up on his stiff tariffs, which have started a global trade war.
Soon after that, Trump threatened to raise tariffs further against China after the world's second-largest economy retaliated last week with its own set of tariffs on U.S. products.
It’s a slap in the face to Wall Street, not just because of the sharp losses it’s taking, but because it suggests Trump may not be moved by its pain. Many professional investors had long thought that a president who used to crow about records reached under his watch would pull back on policies if they sent the Dow reeling.
On Sunday Trump told reporters aboard Air Force One that he does not want markets to fall. But he also said he wasn’t concerned about a sell-off, saying “sometimes you have to take medicine to fix something.”
Trump has given several reasons for his stiff tariffs, including to bring manufacturing jobs back to the United States, which is a process that could take years. Trump on Sunday said he wanted to bring down the numbers for how much more the United States imports from other countries versus how much it sends to them.
“The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession,” JPMorgan CEO Jamie Dimon, one of the most influential executives on Wall Street, wrote in his annual letter to shareholders Monday. “Whether or not the menu of tariffs causes a recession remains in question, but it will slow down growth.”
The financial pain once again hammered investments around the world on Monday, the third straight day of steep losses after Trump announced tariffs in his “Liberation Day.” Stocks in Hong Kong plunged 13.2% for their worst day since 1997. A barrel of benchmark U.S. crude oil dipped below $60 during the morning for the first time since 2021, hurt by worries that a global economy weakened by trade barriers will burn less fuel. Bitcoin sank below $79,000, down from its record above $100,000 set in January, after holding steadier than other markets last week.
On Wall Street, roughly 65% of the stocks fell within the S&P 500. The index is being lifted by gains from several big technology stocks, whose pricey values tend to give more heft to the market's direction, whether up or down. Nivida rose 4.6%.
Nike dropped 4% for one of the larger losses in the market. Not only does it sell a lot of shoes and apparel in China, it also makes much of it there. Last fiscal year, factories in China made 18% of its Nike brand footwear. Vietnam made 50%, and Indonesia made 27%.
Trump’s tariffs are an attack on the globalization that’s remade the world’s economy, which helped bring down prices for products on the shelves of U.S. stores but also caused production jobs to leave for other countries.
It also adds pressure on the Federal Reserve. Investors have become nearly conditioned to expect the central bank to swoop in as a hero during downturns. By slashing interest rates to make borrowing easier for U.S. households and companies, along with several untraditional moves to juice the economy, the Fed helped the U.S. economy recover from the 2008 financial crisis, the 2020 COVID crash and other bear markets.
But the Fed may have less freedom to act this time around because the conditions are so much different. For one, instead of a coronavirus or a system built up on too much belief that U.S. home prices would keep rising, this market downturn is mostly because of economic policy from the White House.
Perhaps more importantly, inflation is also higher at the moment than the Fed would like. And while lower interest rates can goose the economy, they can also put upward pressure on inflation. Expectations for inflation are already swinging higher because of Trump’s tariffs, which would likely raise prices for anything imported.
“The idea that there’s so much uncertainty going forward about how these tariffs are going to play out, that’s what’s really driving this plummet in the stock prices,” said Rintaro Nishimura, an associate at the Asia Group.
If the S&P 500 finishes the day 20% below its record, it would be a big enough drop that Wall Street has a name for it. A “bear market” signifies a downturn that’s moved beyond a run-of-the-mill 10% drop, which happens every year or so, and has graduated into something more vicious.
Nathan Thooft, a senior portfolio manager at Manulife Investment Management, said more countries are likely to respond to the U.S. with retaliatory tariffs. Given the large number of countries involved, “it will take a considerable amount of time in our view to work through the various negotiations that are likely to happen.”
“Ultimately, our take is market uncertainly and volatility are likely to persist for some time,” he said.
Kurtenbach reported from Bangkok. McHugh reported from Frankfurt, Germany. Associated Press writers Ayaka McGill, Paul Harloff, Matt Ott and Jiang Junzhe also contributed.
An electronic display shows financial information on the floor at the New York Stock Exchange in New York, Monday, April 7, 2025. (AP Photo/Seth Wenig)
Federico DeMarco works on the floor at the New York Stock Exchange in New York, Monday, April 7, 2025. (AP Photo/Seth Wenig)
Traders work on the floor at the New York Stock Exchange in New York, Monday, April 7, 2025. (AP Photo/Seth Wenig)
Chris Lagana works on the floor at the New York Stock Exchange in New York, Monday, April 7, 2025. (AP Photo/Seth Wenig)
Traders work on the floor at the New York Stock Exchange in New York, Monday, April 7, 2025. (AP Photo/Seth Wenig)
Traders work on the options floor at the New York Stock Exchange in New York, Monday, April 7, 2025. (AP Photo/Seth Wenig)
While a stock exchange trader sits in front of his monitors on the trading floor of the Frankfurt Stock Exchange, Germany, the display board with the Dax curve shows a value of less than 20,000 points. (Arne Dedert/dpa via AP)
While a stock exchange trader sits in front of his monitors on the trading floor of the Frankfurt Stock Exchange, Germany, the display board with the Dax curve shows a value of less than 20,000 points. (Arne Dedert/dpa via AP)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 7, 2025. (AP Photo/Ahn Young-joon)
An electronic stock board shows that Nikkei stock average dropped over 2,900 Japanese yen in Tokyo Monday, April 7, 2025. (Kyodo News via AP)
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, top right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 7, 2025. (AP Photo/Ahn Young-joon)
A person walks past an electronic stock board in Tokyo Monday, April 7, 2025. (Kyodo News via AP)
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 7, 2025. (AP Photo/Ahn Young-joon)
US President Donald Trump appears on a television screen at the stock market in Frankfurt, Germany, Thursday, April 3, 2025. (AP Photo/Michael Probst)
A screen displays financial news as traders work on the floor at the New York Stock Exchange in New York, Thursday, April 3, 2025. (AP Photo/Seth Wenig)
