NY TIMES is shopping its Red Sox stake--WSJ (And Caroline & Pinchy are 'friends')

"Seeking to fortify its core assets, New York Times Co. is actively shopping its stake in the holding company of the Boston Red Sox baseball club, according to two people familiar with the discussions.

• The Times Co., which faces a cash shortage accelerated by steep industrywide revenue declines, has been rumored for months to be open to selling non-core assets. Besides its flagship newspaper, the Times Co. owns the Boston Globe, About.com and a 17.5% stake in New England Sports Ventures, which owns the Red Sox, their fabled ballpark Fenway Park and most of the cable network that airs their games.

The Times Co. pushed discussions beyond the exploration phase early last month at a quarterly meeting of NESV's limited partners at which

• the Times Co. indicated to the partnership its intention to sell. Since then Times Co. has been pursuing potential buyers, according to people familiar with the discussions. A Times spokeswoman declined to comment.

It is unclear what the Times Co. thinks it can get for its stake. Barclays Capital estimates the Times Co.'s investment is worth about $166 million; analysts and sports bankers recently told Reuters the Times Co. could raise at least $200 million if it sold its stake.

• The Times Co. acquired its stake in NESV when it joined John Henry in the
• hedge fund billionaire's $700 million purchase of the Red Sox in 2002.

It is the second largest shareholder behind Mr. Henry."... via Poynter.org/Romenesko

• (Marketwatch): The Times paid $75 million for its share of the Red Sox.

• ***PHOTO OF CAROLINE KENNEDY SCHLOSSBERG AND NY TIMES PUBLISHER PINCHY SULZBERGER VIA GAWKER, item via RedState

Dear Caroline, We see pictures of you with your father. We still think of your father and wish he were president today. What you have become is a sin, nothing of what your father was. You are like your uncle Teddy, an entirely different person from your father. Top that off with a friendship-no matter how evolved with the vile Pinchy Sulzberger, and I'm afraid for my life. No logical human being could make that choice. (sm)

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