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.”
Uncategorized
NYT Co. sells part of Red Sox stake
More News
2024 Poynter Journalism Prizes to be announced at 2 p.m. Eastern
Tune in here to learn the winners and finalists for 10 categories in the 2024 contest
April 23, 2024
Opinion | An unsettling look at Donald Trump’s social media rants
The former president’s social media audience has diminished since 2021, but his posts — mostly on Truth Social — have only gotten more disturbing
April 23, 2024
Shakespeare and the power of wordplay … featuring the pun that launched my career
Four words from Hamlet collide with multiple meanings and offer a stimulant for the brain as strong as the most sophisticated puzzle
April 23, 2024
Fact-checking Aaron Rodgers, who repeated Robert F. Kennedy Jr.’s false claims about HIV/AIDS
Rodgers falsely claimed an antiretroviral drug called azidothymidine, or AZT, to treat HIV was ‘killing people’ in the 1980s
April 23, 2024
Press Foward’s first open call for funding focuses on historic inequalities
It includes $100,000 each in general operating support for more than 100 newsrooms
April 22, 2024
Comments are closed.
Comments