MEDIA
05/11/2012 03:14 pm ET | Updated Jul 12, 2012

New York Times Sells Boston Red Sox Stake

May 11 (Reuters) - The New York Times Co sold its remaining stake in the group that owns the Boston Red Sox baseball team for $63 million in cash, the company said on Friday.

The company said it will recognize a pre-tax gain of approximately $38 million in the second quarter.

Along with the Red Sox, the sale of the Fenway Sports Group includes the Liverpool Football Club, approximately 80 percent of the cable sports channel, the New England Sports Network, and a 50 percent stake in the NASCAR team Roush Fenway Racing.

The New York Times Co.'s stock fell 1.2 percent to $6.43 in late afternoon trading on Friday.

New York Times