X

NYT Ready to Sell BoSox Stake

As newspapers tank, company offloads non-core assets
By Ambreen Ali,  Newser Staff
Posted Dec 24, 2008 5:25 PM CST
NYT Ready to Sell BoSox Stake
The sports asset, valued at $200 million, includes Fenway Park.   (AP Photo/Elise Amendola)

(Newser) – With revenues plummeting and advertisers and readers fleeing, the cash-starved New York Times Co is looking to offload a once-sacrosanct asset—its 17.5% stake in the Boston Red Sox and Fenway Park, the Wall Street Journal reports. Revenues at the Times Co arm that includes the Grey Lady and the Boston Globe fell 22% last month, and the company is scrambling for capital to shore it up.

story continues below

The Red Sox holdings could bring upward of $200 million. The Globe—worth about $550 million just two years ago, when the Times flatly refused to sell it—might be tossed into the package, but it's now valued at $20 million. Execs say 2009 will be "among the most challenging years" the company has faced.
(Read more New York Times Company stories.)

We use cookies. By Clicking "OK" or any content on this site, you agree to allow cookies to be placed. Read more in our privacy policy.
Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X