July 15, 2024

New York Times Co. Sells Part of Its Stake in the Boston Red Sox

The company sold 390 of the 700 Class B units of the Fenway Sports Group that it owned to three separate buyers in a deal for $117 million. The company, which did not disclose the buyers, expects to record a pretax gain of about $64 million in the third quarter because of the sale.

The sale leaves the company with 310 shares, or about a 7 percent stake, in the Fenway Sports Group. It said it was also exploring selling those shares. Fenway owns the Red Sox; the Liverpool Football Club; about 80 percent of the New England Sports Network, a regional cable sports network that televises the Red Sox and Boston Bruins hockey games; and 50 percent of Roush Fenway Racing, a leading Nascar team.

About a year ago, the company sold 50 shares to Henry F. McCance, a venture capitalist.

In 2002, the company paid $75 million for 17.75 percent ownership in Fenway. But in 2008, faced with a deep recession and pressure to sell noncore assets, it began looking for someone to buy its stake as a way to generate cash.

The Times Company owns other interests throughout New England, including The Boston Globe, The Worcester Telegram Gazette and Boston.com.

Article source: http://feeds.nytimes.com/click.phdo?i=48c69ed858012188c6af2d196d463540

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