Friday, July 1, 2011

NYT Sells Stake in Boston Red Sox

The Times Co. paid $75 million for a 17 percent stake, or 750 units, in the Boston Red Sox in 2002.

It sold off 390 of the 700 units it still holds, for $117 million, according to a filing with securities regulators, and has reduced its stake to 7.3 percent of Fenway Sports Group. It sold the units for $300,000 each, triple what it paid for them in 2002.

The company did not disclose the three separate buyers to whom it sold shares.

Last year, the Times Co. sold 50 units of Fenway Sports to Henry F. McCance, a retired venture capitalist from Greylock Partners, for a $9 million pre-tax gain. Those units went for about $280,000 each

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