New York Times Unloads Red Sox Stake

The unlikely duo of The New York Times and the Boston Red Sox became a little more tenuous on Friday. The newspaper of record sold many of its shares in the Fenway Sports Group, which includes the baseball team, for $117 million. The company sold 390 units, greatly reducing its stake from 17 percent to 7.3 percent. The Times Co. said that after today’s deal, it hopes to pocket a pretax gain of $64 million.