SBD/May 14, 2012/Franchises

N.Y. Times Co. Sells Last Stake In Fenway Sports Group For $63M

The N.Y. Times Co. said on Friday that it has "sold its remaining stake in the Fenway Sports Group," the company that owns the Red Sox and several other sports properties, according to the N.Y. TIMES. An SEC filing indicated that the Times Co. received $63M "for the stake and expects to record a pretax gain" of about $38M in Q2. Last summer, the company "sold more than half of its minority stake in the group" for $117M. The company in '02 paid $75M "for a 17.75 percent stake” in FSG (N.Y. TIMES, 5/12). In Boston, Beth Healy reported the sale was made to "undisclosed buyers believed to be current minority owners" of the Red Sox (BOSTON GLOBE, 5/12).
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