NY Times sells part of Red Sox stake for $117M
The New York Times Co. has sold more than half of its stake in
the Boston Red Sox for $117 million.
The newspaper said in a regulatory filing that it realized a
pre-tax gain of $64 million in the deal for 390 of its shares. It
said it would continue seeking a buyer for the remaining 310 shares
in Fenway Sports Group, the parent company of the Red Sox, the
Liverpool Football Club, 80 percent of the NESN television network
and 50 percent of Roush Fenway Racing.
The company bought 17.8 percent of the ballclub’s parent company
for $75 million in 2002, then said three years ago that it is
looking to sell.