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Dec 28, 2008 04:00 PM
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New York, 10:10 PM
Tue Feb 9
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The New York Times would love to sell their state in the Boston Red Sox, but easier said than done.
As newspapers collapse and journalism circles the drain hole and all that, one of the survival techniques for media companies has been to shed non-core assets to prop up the failing news business for a bit longer. Unfortunately, it's hard to sell anything in this market except hope. If the Tribune Company could have sold the Chicago Cubs and/or Wrigley Field in 2008, they may not have needed to declare bankruptcy so soon (or at all). Also, the NHL might have new investment in the Phoenix Coyotes by now and wouldn't have to keep pouring money into the franchise.
Still, Times Co. has let the other investors in New England Sports Ventures (owners of the Sawx and Fenway) know that they're looking to get out by selling their 17.5% share. No buyers have been identified and it's not clear if anyone can offer enough credit to float such a deal, but it's definitely a time to bargain shop if you've ever wanted to own part or all of a sports franchise.
Times Co. Seeking to Sell Its Stake in the Red Sox [New York Times, conveniently enough]
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