The New York Times Company announced recently that it had sold more than half of its minority stake in the Boston Red Sox to three undisclosed buyers for a combined total of $117 million.
The media giant expects to record a pretax gain of about $64 million in the third quarter of this year as a result of the deal, according to its namesake paper. The Times paid $75 million in 2002 for what at the time was a 17.75 percent ownership stake in Fenway Sports Group, which acquired the Red Sox that year in a $700 million deal.
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