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NY Times shops Red Sox stake as revenue falls.
The Boston Business Journal reports that the New York Times Co. has retained an investment bank to explore the possible sale of its stake in the Boston Red Sox on the heels of a dismal year that saw advertising revenue for it New England Media Group, which includes The Boston Globe and Worcester Telegram & Gazette, fall by 18 percent.
In a separate report by media researcher The Nielsen Co., The Times last year saw a 6 percent drop in unique visitors to its Boston.com Web site, the online home for the Boston Globe. Boston.com was the only Web site among the country’s top 10 newspaper sites, ranked by traffic, to see a fall in unique visitors in 2008, Nielsen said.
The Times (NYSE: NYT) said it has retained Goldman, Sachs & Co. (NYSE: GS) to potentially sell the company’s interest in New England Sports Ventures, which includes equity stakes in the Sox as well as Fenway Park, real estate adjacent to the park and approximately 80 percent of sports broadcaster New England Sports Network.
The Times invested in New England Sports Ventures in 2002.
The Times said its New England Media Group posted $319.1 million in ad revenue in 2008, an 18 percent slide from the $389.2 million posted a year earlier. For December, the group booked $23 million in ad revenue, off 18.2 percent from the $28.2 million booked in the 2007’s corresponding period.
Declines in ad revenue at the New York Times Co.’s major newspapers, including the Boston Globe, accelerated in January compared to December, company CEO Janet Robinson said in a conference call Wednesday.
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