The New York Times (NYT) disclosed in an 8-K filing that it sold over 55% of its stake in the...

|About: New York Times Co. (NYT)|By:, SA News Editor

The New York Times (NYT) disclosed in an 8-K filing that it sold over 55% of its stake in the Boston Red Sox for $117M, representing a pre-tax gain of $64M. The company is also exploring the sale of its remaining stake. It's possible that the Times will use some of the proceeds to pay down part of its long-term debt, which stands at nearly $1B.