The Globe and Mail reports in its Friday edition that Rogers announced Wednesday that it is acquiring BCE's 37.5-per-cent share of Maple Leaf Sports & Entertainment for $4.7-billion, giving Rogers a 75-per-cent controlling interest. Guest columnist Dvai Ghose writes that analysts have greeted the deal as a "win-win" for Bell and Rogers shareholders -- but is this really the case? Is this really an appropriate asset for Rogers's dividend-hungry public shareholders at a time of unprecedented industry pressure, or just a trophy play for controlling shareholder Edward Rogers? The positives for Bell are significant, especially given unprecedented pressure in the telco sector, rising interest expense from its $39-billion of debt and recent credit downgrades. Bell has sensibly said it will earmark proceeds primarily for debt reduction. This could result in a credit rating upgrade. What does Rogers gain? The telcos have never shown that sports ownership helps their core telecom franchises. Rogers is layering another $4.7-billion of debt on top of its existing $46-billion debt to increase exposure to an asset that does not generate any meaningful cash flow at a time of unprecedented pressures on the telecom industry.