N.Y. Times Co. sells part of its Red Sox stake

The New York Times Co. sold more than half of its 17% stake in the holding company of the Boston Red Sox baseball team to three separate buyers for $117 million in cash,

the

Wall Street Journal

reported.

The holding company, Fenway Sports Group, owns the Red Sox and most of the cable network that airs the team’s game, the article said. Times Co. didn’t disclose the buyers, according to the report.

The

Journal

article said Times Co. began trying to sell its stake in the team in late 2008, “when steep declines in revenue at its core newspaper business were threatening the company’s ability to manage its debt.”

The report noted that more than a year ago, the company sold 50 of its then 750 units in the asset. The latest sale represents 390 of Times Co.’s 700 shares. The company said “it is exploring the sale of its remaining stake in whole or in parts,” according to the

Journal

article. (Source:

Wall Street Journal,

July 2, 2011.)