New York Times Co. (NYT:US) sold its remaining stake in Fenway Sports Group, owner of the Boston Red Sox baseball team, for $63 million in cash to multiple buyers.
Times Co., publisher of the New York Times newspaper, expects a pretax gain of about $38 million in the second quarter, according to a regulatory filing today. The company sold a third of its Fenway stake in February for $30 million.
The newspaper publisher has been selling assets amid declining advertising sales as the publishing industry loses ad dollars to Internet companies such as Google Inc. (GOOG:US) and Facebook Inc. Times Co. reported a sevenfold rise in first-quarter profit last month after selling regional publications.
In 2002, Times Co. paid $75 million for a 17 percent stake in Fenway Sports Group. The sports venture also owns the English Premier League soccer club Liverpool Football Club and 80 percent of New England Sports Network, a regional sports cable network.
The newspaper publisher, which still owns the Boston Globe and the Worcester Telegram & Gazette after selling the Regional Newspaper Group for $143 million in December, has built up its digital business to capitalize on the ad industry’s shift toward online marketing and away from print.
Times Co. dropped (NYT:US) 1.2 percent to $6.43 today in New York. The shares have lost 17 percent this year.
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