By: E&P Staff
The New York Times Co. said Thursday it sold a small portion of its minority stake in New England Sports Ventures, which owns the Boston Red Sox and related sports businesses.
Henry F. McCance, chairman emeritus of the venture capital firm Greylock Partners, was the buyer, the Times Co. said.
The sale was for 50 of a total of 750 units owned by the company. After the sale, it will own about 16.58% of the business, the company said.
No terms were released, but the announcement said the company expects to record a pre-tax gain in the second quarter of 2010 on the sale.
The Times Co. has had its stake in New England Sports Venture up for sale for more than a year, and in its statement Thursday said it ?intends to continue to explore the sale of its remaining interest in NESV, in whole or in parts.?
In addition to the Red Sox, NESV owns the club?s iconic Fenway Park stadium; 80% of a regional cable channel; and 50% of a stock car racing team.