In its never-ending bid to raise some capital, the cash-strapped New York Times Company announced today it had unloaded 50 shares of its unholy $75 million stake in the Boston Red Sox’s parent company.
When the economy was good, The Times‘ parent thought it might be able to quadruple its investment, but now by most accounts the company would be willing to settle for much, much less. The press release said the company expects to report a pre-tax gain from the sale, so that’s something. It also says the company would like to unload the remainder of its 700 shares–or 16.6 percent–but then it would like to unload the Boston Globe too.
