Newspaper publisher the New York Times sold more than half its 17 percent stake in the company that owns the Boston Red Sox, according to a filing with the Securities and Exchange CommissionFriday.
Three separate buyers, whose names have not been disclosed, together paid $117 million in cash for 390 of its 700 shares in Fenway Sports Group. The New York Times is looking for buyers of the remaining shares.
The sale is one the company has been trying to make since 2008, when revenue at its core newspaper businesses took a hit, jeopardizing its ability to manage its debt.
The sale will be reflected as a pretax gain of about $64 million in its third quarter.
New York Times did not respond to inquiries for comment. Click here to access New York Times filings with the SEC.