At a media event on Wednesday, Scott Moore, president of broadcast for Sportsnet owner Rogers Media, hinted that the company is working on creating "a whole new sport."
He said they were talking with "a couple of great Olympic athletes" to develop the idea, which Sportsnet would "own outright and stage."
Rogers Media president Keith Pelley added that there would be value in the company owning the rights to the sport and being about to "monetize it across multiple platforms."
Sportsnet would not reveal any other details about its plans.
Rogers already owns the Toronto Blue Jays and a share of the Toronto Maple Leafs, Toronto Raptors and Toronto FC.
The executives made the comments at an event discussing the importance of sports in the TV business, which is being challenged by new viewing behaviours and competitors.
They noted that while other types of content can be saved on a PVR and viewed at any time, sports is unique in that most want to see it live.
"One of the reasons we at Rogers have doubled down on sports is we really feel that whether or not the traditional cable TV business succeeds or fails over the next 10 years, we know that sports and sports content will be more and more valuable," said David Purdy, senior vice-president of content.