The Wall Street Journal reports The New York Times Co. is actively shopping its stake in the holding company of the Boston Red Sox.
“Times Co., which faces a cash shortage accelerated by steep industrywide revenue declines, has been rumored for months to be open to selling noncore assets. Besides its flagship newspaper, Times Co. owns the Boston Globe, About.com and a 17.5% stake in New England Sports Ventures, which owns the Red Sox, their fabled ballpark Fenway Park and most of the cable network that airs the team’s games.”
The company pushed those discussions beyond the exploration phase early last month at a quarterly meeting of NESV’s limited partners, where it indicated its intention to sell. Since then Times Co. has been pursuing potential buyers, according to the story. Barclays Capital has pegged the value of the investment at about $166 million.