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TORONTO, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Rogers Communications today said it is very disappointed by the CRTC’s decision to dramatically reduce the aggregated wholesale rates that third-party Internet resellers pay to access broadband networks in Canada. The final rates do not recognize the true cost of building and expanding Canada’s world-class broadband networks and will certainly impact Rogers future network investments.
As a result of the CRTC decision, Rogers expects to record a charge of approximately $140 million in the current quarter to account for the retroactive impact of the lower rates.
The company is determining next steps, including a review of all future investments in rural and remote communities.
The CRTC decision follows a recent Competition Bureau market study that found Canada is well-served by world-class broadband networks. The study further warned of negative consequences for investment if wholesale access rates are not set at the correct level.
Rogers is a proud Canadian company dedicated to making more possible for Canadians each and every day. Our founder, Ted Rogers, purchased his first radio station, CHFI, in 1960. We have grown to become a leading technology and media company that strives to provide the very best in wireless, residential, and media to Canadians and Canadian businesses. Our shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). If you want to find out more about us, visit about.rogers.com.
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