Wall Street Journal | Boston.com
The Times Company sold more than half of its 17 percent stake in the holding company of the Boston Red Sox to three separate buyers -- they weren't disclosed -- for $117 million in cash, reports Russell Adams. The sale represents 390 of the 700 shares the Times held in Fenway Sports Group, which owns the Red Sox and most of the cable network that airs its games. The company, which is exploring the sale of its remaining stake in whole or in parts, expects to recognize a pre-tax gain of about $64 million. Reuters reported in 2008 that the Times could raise at least $200 million if it sold its 17 percent stake in the baseball team. Henry Blodget wrote three years ago that the Times' 2002 decision to buy part of the entity that owns the Red Sox "was the best financial investment it has made in years."