NEW YORK — The New York Times Co. has sold a small piece of its stake in a company that owns the Boston Red Sox, Fenway Park and other sports properties.
The Times Co. has been racing to cut costs and raise cash as the newspaper business struggles. The sale announced Thursday won’t have a major impact.
The company said Henry McCance, chairman emeritus of venture capital firm Greylock Partners, is buying a 1.2 percent stake in New England Sports Ventures LLC, leaving the Times Co. with 16.6 percent.
Financial terms were not disclosed. The Times Co. bought its 17.8 percent stake in New England Sports Ventures for $75 million in 2002.
The Times Co., which earned $19.9 million last year on revenue of $2.4 billion, dropped its effort to sell The Boston Globe last year after winning concessions from the newspaper’s unions to bring labor costs down. Along with its namesake newspaper, the company also publishes the International Herald Tribune and smaller regional dailies.
Its shares were flat at $11.13 in morning trading Thursday.