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
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
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.