New York Times to sell Boston Red Sox stake
January 28th, 2009 Leave a comment Visited 26 times, 1 so far today
New York Times to sell Boston Red Sox stake
The New York Times has announced that they have now hired the services of Goldman Sachs to help them find a buyer for its stake in the Boston Red Sox baseball team.
The company is struggling with heavy debts and is looking for revenue avenues.
Advertising revenues is falling down and they need the cash immediately.
The company owns a 17.75 percent stake in New England Sports Ventures which owns the baseball team.
Market analysts believe that this stake could fetch them as much as $200 million. But the credit crunch in the market might hinder a lucrative deal.
NYT has already borrowed $250 million from Mexican billionaire Carlos Slim who is an investor in the company.
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