Times Tries to Sell Red Sox Stake

The newspaper company reportedly is shopping its share in the owner of the Boston baseball club.
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The New York Times Co. (NYT) - Get Report is looking to sell its stake in the company that owns the Boston Red Sox baseball club, according to a published media report.

The Times is trying to bolster its core newspaper assets as it confronts an industrywide revenue slump, according to the report, published Wednesday on

The Wall Street Journal's

Web site.

The Times owns a 17.5% stake in New England Sports Ventures, which owns the Red Sox, the club's Fenway Park ballpark and a majority of the cable network that airs the club's games, the report noted.

The Times began pursuing potential buyers in early November, after a meeting of New England Sports Ventures' partners at which the Times Co. indicated it wanted to sell its stake, according to the report. The

Journal

cited two anonymous sources familiar with the sale discussions.

The Times Wednesday reported a 20.9% year-over-year decline in advertising revenue in November as advertisers, suffering from the economic slowdown, cut back spending sharply.

Shares of The New York Times Co. lost 33 cents Friday to close at $6.00.

This article was written by a staff member of TheStreet.com.