New York Times in Talks to Sell Red Sox Stake

New York Times Co. (NYT) is in talks to sell its stake in the Boston Red Sox baseball team.

"It continues to be for sale," New York Times CEO Janet Robinson said, according to Reuters. "We are continuing to talk to a variety of prospective buyers, large and small."

The company expects to make a profit on the stake, Robinson said.

The New York Times paid $75 million for a 17.75% stake in New England Sports Ventures in 2002. NESV is the team's parent company.

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Since then, the Red Sox have won two World Series titles. The New York Times sold 1.15% of the company in April. Its entire stake could fetch as much as $100 million.

The company, which publishes The Boston Globe, has been striving to cut its debt.

"From our perspective, this has been a valuable asset," Robinson said. "It certainly, from a promotional perspective, is very advantageous for the Boston Globe as well. But there is keen interest in the Red Sox and Red Sox Nation -- not only in Boston but even beyond -- with prospective buyers."