Company in talks with a “variety of prospective buyers,” CEO Janet Robinson says
New York Times Co. chief executive Janet Robinson updated attendees at the Reuters Global Media Summit on the company’s progress in trying to sell its stake in the Boston Red Sox.
"It continues to be for sale," Robinson said on Tuesday. "We are continuing to talk to a variety of prospective buyers, large and small."
In April, the Times – which also owns the Boston Globe — said it would explore a sale of its 16.6 percent ownership in New England Sports Ventures, which owns the Red Sox. The company paid an estimated $75 million for the then-17.75 percent stake in 2002, and is seeking about $100 million, according to Reuters. (Before the economy tanked, the Times’ stake was said to be worth about $200 million.)
Robinson did not say who the potential buyers were, and declined to give a timeframeon a sale. But she's confident the Times will come out "very far ahead" of what it paid in 2002.
"From our perspective, this has been a valuable asset," she said. "It certainly, from a promotional perspective, is very advantageous for the Boston Globe as well. But there is keen interest in the Red Sox and Red Sox Nation — not only in Boston but even beyond — with prospective buyers."
[Photo via Boston.com]