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New York Times Trims Stake in Owner of Boston Red Sox, Liverpool

New York Times Co. sold more than half its stake in Fenway Sports Group, owner of assets including the Boston Red Sox and the Liverpool Football Club.

New York Times sold 390 of its 700 Class B units for $117 million in cash to three separate buyers, the company said in a securities filing today. It didn’t identify the buyers and said an estimated pretax gain of $64 million will be recorded in the third quarter for the transactions completed today.