There are few major league baseball rivalries as storied as that between the New York Yankees and the Boston Red Sox, and the Times Company has a front row seat for both ends of it via the New York Times and the Boston Globe. It also owns a piece of the Red Sox, which will be smaller thanks to a sale to three buyers affiliated with current shareholders.
Times Co. owns 700 shares in Fenway Sports Group. And according to reports, it will turn a handsome profit on its 2002 investment of $75M for 17.5% of FSG, which has holdings above and beyond the Red Sox.
The current deal calls for the sale of 390 shares to the three buyers, who were not named. The price was pegged at $300K per share, for a total of $117M. That price is said to be more than three times what the company paid for them.
Times had earlier sold 50 shares for $280K per share.
The company will still have 7.3% of FSG and is said to be on the hunt for a buyer or buyers for its remaining interest in the sports company.