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New York Times Company Sells Remaining Stake in Boston Red Sox

Yankees fans can rejoice as their hometown paper has finally ditched its remaining 210 class B shares in Fenway Sports Group, which owns the Boston Red Sox, as well as other New England media and athletic properties. The New York Times Company will earn $63 million in cash from multiple buyers on the deal, according to spokesman Robert Christie. The Times bought 750 units, or a 17.5 percent stake, in Fenway for $75 million in 2002, but has been slowly selling them off for the last few years, including 100 shares back in February, tripling their investment. A large portion of the Times Company's first-quarter profits came from other similar one-time transactions, like the sale of its regional newspapers, as ad revenue continues to fall.

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Photo: Ramin Talaie