Times retains firm for Red Sox sale

NEW YORK -- The New York Times Co. says it has retained investment firm Goldman Sachs to help explore a sale of its stake in the company that owns the Boston Red Sox.

Investors have been pressuring the company to sell assets as advertising revenue plummets.

The company holds a 17.8 percent stake in New England Sports Ventures, which owns the Boston baseball team as well as Fenway Park, a portion of a cable sports network and other properties.

The Times reported in December that its parent company was exploring a sale.

The announcement came Wednesday as the Times Co. reported its earnings plunged 48 percent in the fourth quarter because of lower advertising revenue in a weak economy.