The New York Times Company is selling nearly all its shares in financial news service TheStreet.com.
The relationship between the two has been on the rocks for a while, with the duo closing a joint online business newsroom in November. The newspaper’s decision to sell all but 125,000 shares in TheStreet effectively ends the pairing.
The New York Times attributed the sale of 1.425 million shares to the fact that it “no longer had a strategic interest in TheStreet.com”. It added that it would take a loss of $12m on the shares.
News source: Financial Times