The New York Times Company Sells Its Stake in Fenway Sports Group for $63M
The New York Times Company (NYSE: NYT) has sold its remaining 210 Class B units of Fenway Sports Group to multiple buyers in transactions that were completed on May 10 and 11, 2012. The Company received an aggregate of $63 million in cash and will recognize an estimated pre-tax gain of approximately $38 million in the second quarter of 2012.
FSG owns the Boston Red Sox baseball club; Liverpool Football Club (a soccer team in the English Premier League); approximately 80% of New England Sports Network (a regional cable sports network); and 50% of Roush Fenway Racing (a leading NASCAR team
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