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New York Times Co. (NYT) 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) 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) 1.2 percent to $6.43 today in New York. The shares have lost 17 percent this year.
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