11 replies to this topic

[mabrowndog]

Globe

The New York Times Co. could be close to reaching a deal to sell its remaining stake in the Boston Red Sox to other minority owners of the team, according to people briefed on the talks. The Times Co. in February sold 100 units of the Fenway Sports Group, which includes the Red Sox, for $30 million, according to a filing with regulators. The company’s remaining 210 units in the Fenway Group and the Red Sox amount to about a 5 percent stake.

The rest of the article is behind a subscriber wall, so if anyone with access can paraphrase and provide further details please feel free.

Thread on prior sale of NY TImes shares last July.

Hope this happens, if for no other reason than to rid this club of any last vestige of a New York ownership connection, no matter how tangential or inconsequential. It'll also be nice not to hear any more whining about how it supposedly influences pro-Sox coverage in the Globe.

[HriniakPosterChild]

Globe

... if anyone with access can paraphrase and provide further details please feel free.

Glad to.

Times spokesman: No comment.
Sox spokesman: No comment.

[mabrowndog]

Glad to.

Times spokesman: No comment.
Sox spokesman: No comment.

Glad I asked.

[Plympton91]

So, the Times will raise about $75 million, or maybe $100 given what must be a rise in franchise values after the Dodgers' sale. That should keep them afloat a little longer, but I can't wait for the day that putrid rag is in liquidation. Given their burn rate, how long does $100 million buy them?

[Lose Remerswaal]

And now the Globe columnists will have nothing to stop them from being 100% snarky and negative about the team!




























Oh. wait.

[Domer]

So, the Times will raise about $75 million, or maybe $100 given what must be a rise in franchise values after the Dodgers' sale. That should keep them afloat a little longer, but I can't wait for the day that putrid rag is in liquidation. Given their burn rate, how long does $100 million buy them?

The New York Times Company is profitable.

[biollante]

Shouldn't they wait until the Sox have a winning record ? Or are they getting while the getting is good ?

[Clears Cleaver]

Selling when they are 30 games out and there are 5,000 people in stands in September might not be so wise, either. Smart sale.

The bigger question is when Henry decides to sell. They maxed out revenues. Fenway renovation is done. NESN ratings and attendance are goung straight down. The team is not going to win in the next three years. The Dodgers just changed the comps on valuation. If you're going to sell, now is the time.

[mabrowndog]

It is done

The New York Times Co. said it has sold its remaining share of Fenway Sports Group, which includes the Boston Red Sox, for $63 million.

The sale, to undisclosed buyers believed to be current minority owners of the team, ends the Times Co.’s ownership stake in the Red Sox. Over 10 years, the company tripled its investment, having originally purchased a 17.5 percent stake in the team for $75 million in 2002. In recent years it has sold off portions of that share, for a total of $225 million.

The Times Co., which owns the Boston Globe, invested in the Red Sox the year John Henry and his partners acquired the team. Since then, it has won two World Series titles.

The sale of the Times Co.’s last 210 units will result in a $38 million pre-tax gain in the second quarter.

[Snowplow]

Is anyone else having trouble with the Boston Globe online?
I get this every time I try to log on. I Live in N.Y
Error. Page cannot be displayed. Please contact your service provider for more details. (1)

[Greg Blosser]

All good from Brooklyn.

[LeoCarrillo]

Is anyone else having trouble with the Boston Globe online?
I get this every time I try to log on. I Live in N.Y
Error. Page cannot be displayed. Please contact your service provider for more details. (1)

Having the same problem in Manhattan. With Dirt Dogs, too. Gotta be the same server.