NYT Co. sells part of Red Sox stake

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."

  • Jim Romenesko

    From 1999 to 2011, Jim Romenesko maintained the Romenesko page for the Poynter Institute, a Florida-based non-profit school for journalists. Poynter hired him in August of 1999, after seeing his MediaGossip.com, a hobby site he started in May of 1999.


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