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NY Times Sells Red Sox Stake For $117M

New York Times has offloaded more than half of its 17% stake in the holding company of the Boston Red Sox for $117 million.

New York Times hasoffloaded more than half of its 17% stake in the holding company of the Boston Red Sox for $117 million, The Wall Street Journal reports. The stake was sold to three separate buyers.

The sale comprises 390 of the 700 shares that Times held in Fenway Sports Group, which owns the Red Sox and most of the cable network that airs its games. The remainder of the company’s stake is still on the market. In 2009, Times appointed Goldman Sachs to sell its stake in the sports venture.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Bloomberg.

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