Times sells part of Red Sox stake

Updated: July 1, 2011, 6:01 PM ET
Associated Press

BOSTON -- The New York Times Co. has sold more than half of its stake in the Boston Red Sox for $117 million.

The newspaper said in a regulatory filing that it realized a pre-tax gain of $64 million in the deal for 390 of its shares. It said it would continue seeking a buyer for the remaining 310 shares in Fenway Sports Group, the parent company of the Red Sox, the Liverpool Football Club, 80 percent of the NESN television network and 50 percent of Roush Fenway Racing.

The company bought 17.8 percent of the ballclub's parent company for $75 million in 2002, then said three years ago that it is looking to sell.

Copyright 2011 by The Associated Press



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