Attempting to guard its newspaper franchise from the speedily falling revenue and raise cash, the New York Times Company is open to the sale of its stake in the Boston Red Sox baseball team. The Wall Street Journal reports say that, of late, the company's investors have been pressuring it to sell non-core assets.

In November, the company reported a 20 percent fall in advertising revenue, as compared to the revenue for the same period last year. As such, to meet its debt obligations and cut its borrowing, it is evaluating the future of its some of its assets which, other than Red Sox, include online encyclopedia About.com, as well as a few of its daily newspapers throughout the US.

The Red Sox was bought by New England Sports Ventures in 2002, along with its Fenway Park baseball field, and 80 percent of a regional cable channel - New England Sports Network - which telecasts their games. The Times company has a 17.5 percent stake in the Ventures, for which it paid $75 million.

The Times Company executives have repeatedly said that the company is awaiting right terms to sell its stake, and its partners in the venture were apprised of the plans last month.

Earlier this month, sports bankers and analysts told Reuters that the Times Company could raise at least $200 million by selling its stake in Red Sox. Quite a few buyers could be interested, in spite the current recession, chiefly because of the team's popularity among its fans.