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New York Times To Sell Its Red Sox Stake to Survive
By Anna Johnson on December 29th, 2008I didn’t realize The New York Times Company had a stake in a major league baseball team. Wonders never cease. But, as Silicon Alley Insider reports, the Boston Red Sox stake may turn out to be one of the more rewarding assets on the newspaper company’s books right now.
It turns out that The New York Times Company is looking for buyers for its 17.5 percent stake in the entity that owns the Red Sox. A price of $150-$200 million or so seems likely.
According to the Silicon Alley Insider, that’s just as well if the newspaper is to have enough cash to get through 2009.
The Silicon Alley Insider reckons that, based on current business trends, The New York Times Company won’t survive much beyond the next year or so unless it sells assets such as the Red Sox stake, along with The Boston Globe and About.com (which together might bring $300-$400 million), as well as slash costs.
