NY Times is selling its stake of Boston Red Sox
The New York Times is looking for a buyer for its stake in the holding company of the Boston Red Sox. The NY Times, recently mortgaged its headquarters to stay afloat through this tough financial crisis. They have 17.5% ownership in New England Sports Ventures LLC (NESV), which owns the storied Red Sox, Fenway Park and the local sports cable network.
They are the second-largest shareholder behind John Henry, the majority owner of the Red Sox. WSJ is reporting that
Times Co. is said to be seeking $300 million for the NESV stake, or four times its original $75 million investment, according to that person.
Although most financial gurus think that is more likely worth around $200 million.
My question is what is a newspaper doing buying stake in a baseball team? Also, a competing sports team! The Chicago Cubs are also owned by Chicago Tribune.
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WASHINGTON – President Barack Obama’s health care reckoning would mutate federal conduct on abortion, but not uncover the spigot of taxpayer dollars that some abortion opponents fear.
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