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http://www.washingtonpost.com/2010/07/06/ABMK8PP_linkset.html
The Early Lead
Posted at 04:24 PM ET, 07/01/2011

New York Times Co. sells part of its Boston Red Sox stake

The New York Times Co. has sold more than half its holdings in the Fenway Sports Group — which includes the Boston Red Sox — for $117 million, the company said.

The identity of the three buyers was not disclosed.

A filing by the Times Co. with securities regulators showed that 390 units were sold, reducing the Times’ stake to 7.3 percent. In 2002, when John Henry acquired the team, the Times paid $75 million for a stake that amounted to about 17 percent, according to the Boston Globe (which is also owned by the Times Co.).

The Times sold 50 units of Fenway Sports last year to Henry F. McCance, a retired venture capitalist, for a $9 million profit. With the latest deal, the company said it expects a pre-tax gain of about $64 million.

Fenway Sports also owns the Liverpool Football Club, about 80 percent of New England Sports Network and 50 percent of Roush Fenway Racing.

By  |  04:24 PM ET, 07/01/2011

 
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