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Times Co. seeks to divest rest of Red Sox assets

By Bloomberg News

 |   

  February 03, 2012

The New York Times Co. is looking to divest the rest its stake in Fenway Sports Group, owner of the Boston Red Sox, after selling a third of the holding for $30 million. Times Co., based in New York, expects to make a pretax gain of $18 million on the sale, to multiple unidentified buyers, in the first quarter, according to a regulatory filing today. Times Co. is divesting sports assets while grappling with declining profit and publishing sales. The company owns The Boston Globe.

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