The New York Times has been in the headlines lately for stories declaring that it is in talks to sell its 17.5% stake in the Boston Red Sox and The Boston Globe to Boston advertising executive Jack Connors. Let all the speculation about a possible deal with that bidder end. "There's nothing to it,'' Connors told The Boston Globe on Monday. "I'm not buying The
Boston Globe. I'm not buying anything that The New York Times owns.''
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The New York Times has been reviewing all its options to get it through one of the toughest periods for media companies that own daily newspapers. The company needs cash and is looking all over to find it. Its stake in the Boston Red Sox may be its most valuable asset right now as the baseball franchise is not one of the media company's core holdings. Analysts say the stake is probably worth between $150 million and $170 million in this climate.
The Times has reportedly been seeking nearly twice that amount, close to $300 million, for its stake in New England Sports Ventures, the holding company that owns the Red Sox, Fenway Park and 80% of New England Sports Network. The Times paid $75 million in 2002 for its stake in New England Sports Ventures. -
Gerald Magpily See Boston Globe article
