New York Times sells remaining stake in Boston Red Sox
The New York Times Co. said in an SEC filing Friday that it has sold its remaining shares in Fenway Sports Group "to multiple buyers" in transactions completed Thursday and Friday. The Boston Globe reports that the buyers are "believed to be current minority owners of the team." From the filing:
The Company received an aggregate of $63 million in cash and will recognize an estimated pre-tax gain of approximately $38 million in the second quarter of 2012.
FSG owns the Boston Red Sox baseball club; Liverpool Football Club (a soccer team in the English Premier League); approximately 80% of New England Sports Network (a regional cable sports network); and 50% of Roush Fenway Racing (a leading NASCAR team).
In April the company reported its first quarter results, which included a surplus of $30 million after it sold its regional newspaper group. Poynter's Rick Edmonds wrote at the time: "Short of selling the Boston Globe, the Times Co. will not be seeing that kind of windfall again."