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The New York Times is out of the Red Sox business

May 11, 2012, 5:54 PM EDT

New York Times

The struggling New York Times Co. netted itself $63 million this week by selling its remaining shares of Fenway Sports Group, the company that owns the Red Sox, most of NESN and Liverpool in the English Premier League.

A Times spokesman was unwilling to comment on the buyer.

The New York Times also owns the Boston Globe, which, because of the relationship, has drawn some extra scrutiny for its coverage of the Red Sox through the years.

It’s a big profit for the company, which paid $75 million for its stake in the Fenway Sports Group in 2002. In all, the Times sold its entire batch of shares for $225 million. Still, the sale did nothing for Times stock, which dropped 1.2 percent to $6.43 on Friday.

  1. randygnyc - May 11, 2012 at 6:07 PM

    Rats jumping off a sinking ship.

    • hittfamily - May 11, 2012 at 6:15 PM

      Which is the rat and which is the ship?

      • denny65 - May 12, 2012 at 2:22 AM

        I give the New York Times another five years, tops.

  2. mianfr - May 11, 2012 at 6:15 PM

    So they sold their shares for $225M but only netted $63M?

    I want to say their broker really ripped them off on that one… Or I’m missing something…

    • jdocker - May 11, 2012 at 6:23 PM

      My guess is they have been selling it off in pieces over the years, and just sold the last of it for $63M, but in total have sold all the stock for $225M.

      That, or their broker gets a really nice commission….

      • Matthew Pouliot - May 11, 2012 at 6:26 PM

        They sold portions of their shares on a few occasions. This was the last batch.

        I added a couple of words to the last paragraph in the hopes of clarifying that.

      • mianfr - May 11, 2012 at 7:17 PM

        Ah, gotcha, gotcha. I originally thought sold it parts, but then the total value thing didn’t make sense to me because that changes over time.

        But all clear now, gracias.

  3. drewzducks - May 11, 2012 at 6:42 PM

    I heard they were paid with Fenway bricks.

  4. bh0673 - May 12, 2012 at 6:40 AM

    Maybe if they actually reported the news from an even handed perspective instead of a over the top liberal one readership would be up. Why waste money on a newspaper that clouds the truth instead of looking for it.

    • shawndc04 - May 12, 2012 at 11:18 AM

      Yeah, like The Washington Times and the Murdoch papers do.

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