The New York Times Co. Made $9 Million in Sale of Red Sox Stake
Remember April 1, when The New York Times Co. sold a small portion of its share in Red Sox Nation? Turns out that the “50 of a total of 750 units” in Red Sox operator New England Sports Ventures was worth $9 million, according to the Times Co.’s first-quarter earnings released yesterday.
According to a report on the matter by The Boston Globe that takes great interest in valuing the Red Sox franchise, each “unit” of New England Sports Ventures appreciated from $100,000 to $280,000 over the period the Times Co. has held its stake. The report also says:
The Times Co. couldn’t get top dollar when it tried to unload its entire stake last year, according to people briefed on the matter. But it’s still trying to sell its remaining 16.6 percent.
It might not be such a bad idea for the Times Co. to sell of the Red Sox investment piecemeal, if it means getting such a stellar return.
