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Cash-strapped NYT tries to offload Boston Red Sox

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By Michelle Malkin  •  December 26, 2008 06:40 PM

The Fishwrap of Record’s bonds and reputation are in the tank. What to do? Sell, sell, sell!

Maybe if they had been spending more on letters editors than on baseball, they wouldn’t have gotten punked.

The New York Times Co., strapped for cash and facing shrinking revenue, is reportedly seeking to sell its stake in the Boston Red Sox baseball team.

The New York Times newspaper, citing “a person briefed on the plans,” reported this week that the Times Co. is “actively shopping” the company’s 17.5 percent stake in New England Sports Ventures (NESV), which owns the Red Sox.

Besides the popular Major League baseball team, NESV also owns their iconic stadium, Fenway Park, and 80 percent of the cable television channel which airs their games, the New England Sports Network.

The Times purchased the stake in 2002 for 75 million dollars.

Citing “two people familiar with the discussions,” The Wall Street Journal reported on Friday that the Times had indicated its willingness to sell at a meeting of NESV’s limited partners last month.

The newspaper said Barclays Capital has pegged the value of the stake at about 166 million dollars.
The Journal said the Times was seeking 300 million dollars for the stake in the Red Sox, one of the most valuable teams in the Major Leagues after winning the World Series twice since 2004.

Besides the flagship New York Times, the New York Times Co. also owns the International Herald Tribune, The Boston Globe, 16 other daily newspapers and other properties.

(link)

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