New York Times Sells Part of Its Stake in Red Sox

The unholy bond between one of New York’s largest journalistic institutions and the city’s most reviled baseball rival just got a little looser. The New York Times Co. announced today that it has sold some of its share in the Boston Red Sox’s parent, New England Sports Ventures, to venture capitalist Henry F. McCance.

From the press release announcing the sale:

The sale was for 50 of a total of 750 units owned by the Company. The Company expects to record a pre-tax gain in the second quarter of 2010 relating to the sale. Following the sale, the Company will continue to own a 16.6% interest in NESV.

The Company intends to continue to explore the sale of its remaining interest in NESV, in whole or in parts.

The Times Co. has been trying to sell its entire stake in the Red Sox for more than a year, in an effort to raise cash and trim away its extraneous investments.

Publish date: April 1, 2010 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT