As I've highlighted a few times in my portfolio and in our recent Value Call, I am a fan of Telus over BCE.
Out of its non-core assets, I would argue that MLSE was one of BCE's best assets. Many investors will argue the company didn't provide much in terms of cash flows for BCE, but the investment itself had nearly tripled during the tenure that BCE owned it, and I don't see sports franchises slowing down in value anytime soon. Ticket prices continue to elevate and demand remains high.
It is a shame in my opinion that Bell needed to sell off this asset just to pay down debt. However, the company likely had little choice.
Although I do see some upside in terms of BCE here from a rate cut perspective and the company getting its debt situation in order and starting to repair a very weak balance sheet, I still personally believe that Telus will outperform the company over the long-term.