The New York Times Co. has sold half of its stake in Fenway Sports Group (FSG), the holding company that controls the Boston Red Sox, Fenway Park, most of New England Sports Network (NESN) and other sports entities.
According to the company, it has sold 390 of 700 Class B units for a total of $117 million in cash. Three separate buyers were involved.
The Times still own 7 percent of FSG, which also owns Liverpool Football Club, the Salem Red Sox (High Class A; Carolina League) and part of Roush Fenway Racing NASCAR team. The company will continue to sell the remaining stake.
It’s been a good investment for the Times, who bought in 2002 for $75 million.
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