New York Times Officially Puts Red Sox Stake Up For Sale

The New York Times Company (NYT.N) announced today that it has retained Goldman, Sachs & Co. as its financial advisor to explore the possible sale of the Company`s 17.75 percent ownership interest in New England Sports Ventures, LLC (NESV). NESV owns the Boston Red Sox, Fenway Park and adjacent real estate, as well as approximately 80 percent of New England Sports Network (NESN), and 50 percent of Roush Fenway Racing, a leading NASCAR team. The Times Company acquired its interest in NESV in February 2002. Bankers, as well as sports business analysts predict that the minority share in NESV could be worth $200 million.The Times Co. is the largest stakeholder in NESV behind John Henry. The news comes on the day when the NY Times Co. reported that their fourth-quarter 2008 earnings were down due to an 18 percent drop in ad revenues and 10.8 percent decline  in total revenues from the year prior. "The disruptions of the global economy are affecting all businesses and industri...