Report: New York Times looking to sell its stake in the Red Sox
by Bob Timmermann
The Wall Street Journal (via this Reuters link) is reporting that the New York Times Company is looking to sell it's 1/7th (actually 17.5%) share of the Boston Red Sox, along with its stakes in the Boston Globe.
The Times has said that it is evaluating the future of its assets, which also include online encyclopedia About.com and several daily newspapers throughout the United States, as it tries to meet its debt obligations and cut its borrowing.
Debt is proving difficult for many U.S. publishers to handle because they are bringing in less cash to make them able to meet their obligations. This is partly because of the fading relevance of printed newspapers to people now used to getting news for free online. The world financial crisis has only worsened the ad sale declines.
The Times could raise at least $200 million if it sold its stake, analysts and sports bankers told Reuters earlier this month. The team, while not central to the Times's business, could be attractive to many buyers despite the recession because it is popular with fans.