The New York Times Company (NYTC) is courting buyers for its stake in the Boston Red Sox baseball team and, potentially, the Boston Globe newspaper. The company began discussions two weeks ago with Jack Connors, a former advertising executive in Boston, to sell the Globe and its 17.5% stake in the Red Sox.
Another scenario under consideration by potential bidders includes merging the Globe with its rival, the Boston Herald, owned by a former News Corp executive.
The news came as the NYTC announced that in November its total operating revenues decreased 13.9% compared with the same month a year ago. Ad revenues fell by 20.9% and circulation revenues increased by 4.2%.
