New York Times Co. sells its shares in Fenway Sports Group
At least one newspaper has learned how to make money -- sell off assets. The New York Times has sold its remaining share of the Fenway Sports Group, which includes the Red Sox and English soccer team Liverpool FC.
The New York Times Company sold its shares to undisclosed buyers, believed to be current minority owners of the team, according to the Boston Globe, which is owned by the Times Co. The newspaper company bought 17.5 percent of the team in 2002 for $75 million. It had recently sold some of its shares of the team. According to the Globe, the Times Co. sold its entire stake in the Fenway Sports Group for a total of $225 million, tripling its initial investment.
The sale is likely a welcome change for writers covering baseball for both the Times and the Globe. While unlikely to be influenced by the ownership stake by its employer, the writers covering the Red Sox for the newspapers still had to deal with the fact that their employer had a stake in the team.