Thursday, December 25, 2008

Christmas Firesale: NY Times Looks to Unload Share in Red Sox

The Old Gray Lady has transformed into a decrepit, wheezing hag desperately gasping for air. After noting Wednesday their ad revenue was cratering, word now comes they're so desperate for cash they're looking to sell their share in the Boston Red Sox.
The New York Times Co is trying to sell its stake in the holding company of the Boston Red Sox baseball team, The Wall Street Journal reported on Wednesday, citing people familiar with the discussions.

The sale, which could give the Times desperately needed cash as newspaper advertising revenue falls and its debt payments loom, could involve its 17.5 percent stake in New England Sports Ventures and possibly the struggling Boston Globe daily newspaper, the Journal reported.

New England Sports Ventures owns the Red Sox, the Fenway Park baseball field where the team plays, and most of the cable network that shows their games.

A New York Times spokeswoman declined to comment.

The Journal report comes on the same day that the Times Co reported a 20 percent drop in advertising revenue in November, compared with the same period last year.
But wait, there's even more good news. Dig this:
The Times previously refused to sell the Globe after former General Electric Co Chief Executive Jack Welch and former advertising executive Jack Connors reportedly asked about the possibility. At the time, they valued the Pulitzer prize-winning newspaper at $550 million to $600 million, the Journal said. Barclays now values the Globe at about $20 million.
How long until the federal government bails these folks out? The Democrats already own the media. They may as well just assume official ownership.

H/T Radical Ron.

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