New York Times Co. is looking to divest the rest its stake in Fenway Sports Group, owner of the Boston Red Sox baseball team, after selling a third of the holding for $30 million.
Times Co., based in New York, expects to make a pretax gain of $18 million on the sale, to multiple unidentified buyers, in the first quarter, according to a regulatory filing today.
Times Co. is divesting sports assets while grappling with declining profit and publishing sales. The company, which owns The Boston Globe and About.com, reported a 12 percent drop in fourth-quarter profit yesterday, capping a year marked by shrinkage of print advertising.
