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NY Times Hopes to Sell Stake in Red Sox
By
Jen Chung
Published Dec 25, 2008
Modified Dec 25, 2008
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By
Jen Chung
Published Dec 25, 2008
Modified Dec 25, 2008
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Less than a month after taking a $225 million loan against its midtown trophy building, the NY Times Company is now "trying to sell its sake in the Boston Red Sox baseball team, seeking to raise cash and shield its newspaper franchise from rapidly falling revenue," the NY Times reports. The article goes onto to say, "With credit largely frozen, this is a difficult time to be trying to sell any major asset, and it is not clear how much interest there might be, or at what price. But over the long run, prices for sports franchises tend to rise fast." The Times has a 17.5% share of the company that ought the Red Sox and Fenway Park as well as a 80% stake in regional cable channel New England Sports Network.
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baseball
economy
NY Times Company
red sox
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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