NHL Lockout Over, Don't Miss This Massive Buying Opportunity

NEW YORK ( TheStreet) -- If all of a sudden, U.S. Government regulators permitted AT&T ( T) and Verizon ( VZ) to, between the two of them, add ESPN; the Fox Sports regional networks; all of Madison Square Garden's ( MSG) properties (that includes the famous arena, the New York Rangers, the New York Knicks and so much more); The New York Yankees; part ownership in the Dallas Cowboys; Clear Channel's ( CCMO) radio stations; and DirecTV ( DTV) to their stables, what would you do?

As a consumer, you might be outraged. I guess I can get with that. But, not really, particularly because outrage over this type of ownership scheme packs more bark than bite, plus I view the world through an investing lens.

As an investor, you would inaccurately, but understandably call this setup a monopoly. And, holding all else constant, you would buy the stocks. I know I would (if I did not work full-time for TheStreet, which prohibits staff writers from owning individual stocks).

That said, I'm not sure why the financial media doesn't place more focus on the truly big news, sports and entertainment media stories developing throughout North America.

You have the Madison Square Garden story, which investors do appreciate. The stock's up 57% over the last year, including a 2% Monday pop on news the NHL lockout is over. Alongside these massive gains in MSG, I have been telling its story. And I didn't just throw the narrative together last night; the article in the link is from April 2012.

I still love MSG on its own or, in the more likely situation, it gets taken out. Given the strategy Rupert Murdoch continues to execute at News Corp ( NWSA), I expect him to make a move for MSG sooner rather than later.

If it came to fruition, NWSA would end up the closest thing we have in the United States to the pie-in-the-sky scenario I painted for AT&T and Verizon. Of course, right now we can call Comcast ( CMCSA) the "closest thing" with properties ranging from the NBC networks to the Philadelphia Flyers under its expansive belt.

But nothing domestically compares -- or will ever compare -- to what's happening in Canada.

For some strange reason, Rogers Communications ( RCI) and BCE ( BCE) (formerly Bell Canada) were down Monday on the NYSE. They're both down on the Toronto Stock Exchange as well.

So the NHL lockout ends (yes!), MSG is up, but RCI and BCE are down. I don't quite get it.

Both stocks have had their moments over the last year -- RCI up 21%, BCE just 7%, but it's down a bit from all-time highs. Investors should be jumping at these two Canadian stocks.

I wrote multiple RCI and BCE articles for TheStreet in 2012. From this one, you can link to the bull case (which details each company's holdings) and word from famous hockey writer, Al Strachan, that one of the two companies (or both through their joint ownership of Leafs TV) will almost certainly win the rights to the Canadian institution, Hockey Night in Canada, for next season.

Another Canadian Hockey Institution, the Hockey Hall of Fame in Toronto; Courtesy, Rocco Pendola's Summer Vacation

I'm not sure why RCI and BCE are down on Monday, with the lockout finally over. But, man, it's a buying opportunity of epic proportion for long-term investors.

P.S. I am fired up that hockey is over. I ranged through emotions during the lockout -- sad, apathetic, angry, rebellious -- but I am back and feeling good about the Leafs' chances in a 48-game season. (#LeafsNation, follow me on Twitter!)

--Written by Rocco Pendola in Santa Monica, Calif.
Rocco Pendola is TheStreet's Director of Social Media. Pendola's daily contributions to TheStreet frequently appear on CNBC and at various top online properties, such as Forbes.