Times Co. sells piece of Red Sox parent
The New York Times Co. said today that it has sold a small part of its stake in the Boston Red Sox and related properties to a venture capitalist.
The Times Co., the owner of The Boston Globe, said in a press release it will sell 50 of its 750 units, or about 7 percent of its stake, in New England Sports Ventures to Henry F. McCance, chairman emeritus of Greylock Partners, a venture capital firm that last year moved its headquarters from Waltham to California's Silicon Valley.
The Times Co. did not disclose a price.
The sale reduces the Times Co' stake in New England Sports Ventures, which includes the Red Sox, Fenway Park and the cable television channel New England Sports Network, to 16.6 percent from just under 18 percent.
The Times Co. has been shopping its stake in the Red Sox and related properties for about a year. Times Co. officials said they will continue to explore the sale of their remaining share, in whole or in parts.
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