New York Times Co. is actively peddling its stake in the holding company of the Boston Red Sox baseball team. For months, rumors have swirled that the newspaper company is open to selling non-core
assets. Besides its flagship newspaper and
The Boston Globe, the company owns About.com and a 17.5% stake in New England Sports Ventures, which owns the Red Sox, Fenway Park and most of the
cable network that airs Red Sox games.
At a quarterly meeting of NESV's limited partners, the Times Co. indicated to the partnership its intention to sell the stake. Since then Times
Co. has been pursuing potential buyers, according to insiders.
How much money are we talking about? Barclays Capital estimates the NYT Red Sox stake is worth about $166 million.
Analysts and sports bankers recently told Reuters that the NYTC could raise at least $200 million for the stake.
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