Well known media group, New York Times Co has sold its residual stake in the baseball team Boston Red Sox for approximately $63 million. The struggling company now aims to focus solely on its core operations. Furthermore, on Friday, a regulatory filing stated that the company has at last sold its remaining 210 class B shares of Fenway Sports Group to several buyers in transactions that were accomplished on May 10th and 11th, 2012. Furthermore, the filing with the U.S. Securities and Exchange Commission revealed New York Times co received nearly $63 million in cash and will identify an expected pre tax gain of roughly $38 million in the 2nd quarter of this year. On the other hand, apart from owning the Boston Red Sox, Fenway Sports Group also owns the Liverpool Football Club in EPL. Meanwhile, FSG also owns approximately 80 percent of the cable New England Sports Network and various other assets. The New York Times Co acquired a stake in Boston Red Sox back in 2002 for almost $17.5 million. It owned 17.5 percent stake.
Apart from the flagship New York Times, the NYT also owns The Boston Globe, International Herald Tribune and several other media properties. Meanwhile, the New York Times is finding it difficult to deal with the loss of print circulation and advertising as readers shift towards the internet. However, internet only makes modest revenue compared to print circulations. Last month, the company revealed that its 1st quarter profits climbed to approximately $42.1 million. Additionally, the company also sold around 100 FSG shares during the same period and recorded a gain of nearly $17.8 million.
In March 2011, the New York Times started to charge for its online newspaper website called NYTimes.com. In October 2011 the company also initiated a subscription only website for the Boston Globe. Nevertheless, the Boston Red Sox have been under pressure as well.