Nation : N.Y. Times to Sell Cable-TV System
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NEW YORK — The New York Times Co. has agreed to sell its cable television system for $420 million in cash to an investment group that will include at least 20% minority ownership, it was announced today.
J. Bruce Llewellyn, a Philadelphia soft-drink bottling executive who is one of the nation’s top black business executives, will head the minority investment partnership. The other investors are a pair of cable-TV companies based in the Philadelphia area, Comcast Corp. and Lenfest Communications Inc. By selling to a group that includes minorities, the New York Times Co. will be able to defer taxes on its gain from the sale.
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