Blog Post

NYTCo Sells A Sliver Of Its Red Sox Stake

After months of soliciting bids, the NYTCo has managed sell a tiny piece of its New England Sports Ventures, which includes the Boston Red Sox and approximately 80 percent of New England Sports Network, to Henry McCance, chairman emeritus of VC firm Greylock Partners. The sale was for 50 of a total of 750 units owned by the NYTCo (NYSE: NYT). No word on how much McNance paid for the slice of the sports franchise. The NYTCo expects to post a pre-tax gain for its Q2 2010 earnings resulting from the sale. When it’s all said and done, the NYTCo will retain a 16.6 percent interest in NESV — it currently holds a 17.8 percent stake — and it will continue to try to sell the company whole or piecemeal. Release