NYT Talks Sale of Red Sox Stake: Report
NEW YORK (
) --
New York Times
(NYT) - Get Report
is talking with buyers "large and small" for its stake in the Boston Red Sox,
Reuters
reports.
CEO Janet Robinson said the New York Times, which owns the
Boston Globe
, is talking with a variety of potential buyers for its stake in the baseball team and expects to turn a profit on the sale.
Robinson made her comments Tuesday at the Reuters Global Media Summit.
In April, New York Times sold a small piece of its stake in New England Sports Ventures, the parent company of the Red Sox. At the time, the media company said it would explore the sale of its remaining 16.6% in whole or in parts,
Reuters
notes.
"It continues to be for sale," Robinson said,
Reuters
reports. "We are continuing to talk to a variety of prospective buyers, large and small."
Robinson called New England Sports Ventures a "very fine investment" and said the Times would come out "very far ahead" on its original purchase in 2002 of a 17.75% stake for $75 million,
Reuters
reports.
-- Written by Joseph Woelfel
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