New York Yankee fans can breath easy once again.
The New York Times Co. sold more than half of its stake in the Boston Red Sox for $117 million, selling off 390 of its 700 units.
The company has been reportedly trying to sell their stake in the Red Sox since 2008. They paid $75 million for 750 units in 2002. According to the regulatory filing, The Times Co. expects a pre-tax gain of approximately $64 million.
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Retired venture capitalist Henry F. McCance purchased 50 units last year from The Times Co. for $9 million.