Red Sox Parent Company Stake Sold in Part By New York Times Co.
Today the New York Times Co. announced that it has sold off a small portion of its stake in the Boston Red Sox team along with related properties to a venture capitalist.
The Times Co. owns the Boston Globe. The company issued a press release which said that the company is going to sell 50 of its 750 units (7% of its stake), in New England Sports Ventures to Henry F. McCance, who is chairman emeritus of Greylock Partners, a venture capital firm that has last year shifted its headquarters from Waltham to California's Silicon Valley.
There was no information on the price.
New England Sports Ventures includes the Red Sox team, Fenway Park and the cable television channel New England Sports Network. Now after the deal Times Co' stake comes down to 16.6 percent from 18 percent in New England Sports Ventures.
The Times Company has been trying to find deals for its share in the Red Sox for a year and is going to continue to look for lucrative deals to sell the remaining shares, either in whole or parts, said company officials.
