NY Times in talks to sell Red Sox stake 02/12/2010 |
|
| |
| |
New York Times Co continues to be in talks about selling its stake in the Boston Red Sox, the media company's chief executive has revealed.
The group, which publishes its flagship newspaper and the Boston Globe, sold a small piece of its stake in New England Sports Ventures (NESV), the parent company of the Red Sox, in April. At the time, it said it would explore the sale of its remaining 16.6 per cent in whole or in parts.
"It continues to be for sale," New York Times chief executive Janet Robinson said at the Reuters Global Media Summit. "We are continuing to talk to a variety of prospective buyers – large and small."
The Times paid an estimated $75m for a 17.75 per cent stake in 2002, before the Red Sox won two World Series titles, and analysts and bankers have previously said the company was seeking as much as $100m for its entire stake. It was the second largest stake in NESV, behind owner and hedge fund manager John Henry.
Robinson called NESV a "very fine investment" and said the Times would come out "very far ahead" on its original purchase.
"From our perspective, this has been a valuable asset," she added. "It certainly, from a promotional perspective, is very advantageous for the Boston Globe as well. But there is keen interest in the Red Sox and Red Sox Nation – not only in Boston but even beyond – with prospective buyers."
|
| Back |
| |
| |
|
|
 |
Advertisement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
