NY Times sells last piece of Boston Red Sox
The New York Times Co sold its remaining stake in the group that owns the Boston Red Sox baseball team and Liverpool soccer club for $63 million in cash, the company said on Friday.
A New York Times spokesman declined to comment on the buyer.
The company will recognize a pre-tax gain of about $38 million in the second quarter for its share of Class B units of the Fenway Sports Group.
Along with the Boston Red Sox and the Liverpool Football Club, the Fenway Sports Group owns about 80 percent of the New England Sports Network cable TV channel and a 50 percent stake in the NASCAR team Roush Fenway Racing.
The New York Times began selling portions of its stake in the sports group beginning in 2009. The total price for its share totals $225 million.
The company bought its stake in the group for $75 million in 2002.
The New York Times Co, which owns its namesake newspaper and the Boston Globe, has shed a number of assets recently. It sold 16 newspapers across the U.S. Southeast and California for $143 million in January.
The New York Times Co’s stock fell 1.2 percent to close at $6.43 on Friday.