The Jays television contract with Sportsnet (also owned by Rogers), essentially makes all of Canada the Jays region.As lucrative as that may sound, it's not, according to the Globe and Mail it netted them $36M last season.
If another company owned the Blue Jays that figure would be substantially higher. The Jays are owned by a cable company which owns sports networks in Canada. The 36M is a figure they made up to pay themselves and doesn't reflect the reality of the situation.
This is from Forbes magazine.
But Toronto is owned by $14 billion-in-sales Rogers Communications, which also owns sports channels that pump through Blue Jays games as well as those of its other two teams, the NBA’s Raptors and NHL’s Maple Leafs. The company’s strategy of using sports programming to boost profits has been paying off and shares of Rogers have been outperforming the market recently. On top of the increase in carrier fees Rogers can command from its sports programming, last year Rogers Sportsnet paid the Blue Jays a rights fee of $36 million. So Rogers gets a doubleheader from its sports programming. The Blue Jays have a much larger cable television audience than the Marlins and thus star power on the diamond can translate into much more money from advertisers.
It does dwarf the twins revenue, the 36 million is a fee they basically pay to themselves and really doesn't represent anything. Rogers Tv network paid Rogers sports team. They could have made the figure higher for example 180 million if they were selling the team to show how much revenue it brings in. So where they make their money is in advertising, cable company carrier fees (from competing cable companies for example Shaw in canada) and shares in the Rogers company. It's a different model.
You're just talking about Rogers, not the Blue Jays. The Pohlads also make a tonne more money from avenues other than the Twins, it doesn't all funnel back to the team, unless they want it to.
Rogers is a massive communications corporation, it's wireless communications division is the reason for it's increased share price, which brings in over 3 times the amount of it's cable operations. They are not the major shareholder in the MLSE, they own 37.5% of it, so does Bell Canada while Kilmer Sports own 25%, none of which has anything to do with the Blue Jays anyway, it's just one of their many assets.
Do they undervalue broadcast rights? Sure they do, so they can increase profit from ad revenue, again nothing to do with the Jays. In fact, part of this spending spree has more to do with the 25 million they are getting from MLB than anything. As opposed to the Twins, the Jays are blowing the wad on payroll, it's free money for them.
Sorry, if someone was to buy the Blue Jays and Rogers told them the broadcast rights were worth 180 million, I want to meet that guy, I have a Ford Focus he can buy for 3 million.
Finally and most importantly, Rogers is a publicly traded company, they can't simply put whatever they want into a baseball team just because they want to, not without their shareholders revolting on them anyway. They are committing more money to the team, I'll concede that but at great risk if it does not work out, if this team does not perform to expectation and bring in the expected increase in revenue through a more attractive product, there is going to be some pretty unhappy wireless investors.