Newspaper publisher the New York Timessold more than half its 17 percent stake in the company that owns the Boston Red Sox, according to a filing with the Securities and Exchange Commission Friday.
Three separate buyers, whose names have not been disclosed, together paid $117 million in cash for 390 of its 700 shares in Fenway Sports Group. The New York Times [NYT 8.71
-0.01 (-0.11%)
] is looking for buyers of the remaining shares.
The sale is one the company has been trying to make since 2008, when revenue at its core newspaper businesses took a hit, jeopardizing its ability to manage its debt.
The sale will be reflected as a pretax gain of about $64 million in its third quarter.
New York Times did not respond to inquiries for comment. Click here to access New York Times filings with the SEC.
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Isn’t this a huge conflict of interest? I had no idea that the NY Times had a stake in the Red Sox