DENVER -- The Denver Post is actively marketing its minority ownership stake in the Colorado Rockies, according to Digital First Media, which operates Denver Post owner MediaNews Group.
The paper is seeking to sell the stake in the baseball team as it pursues a digital strategy focused on "content creation and advertising sales on multiple platforms," Digital First Media chief executive John Paton said in a statement.
"As part of that strategy, the company has conducted a thorough review of its assets with a viewing to exit any activities that do not focus on those core competencies," Paton said.
The Post holds a 7.3 percent stake in the Rockies, which is majority owned by brothers Dick and Charlie Monfort.
In March, Forbes magazine valued the franchise at $464 million, up 12 percent from the previous year.
"Given the recent increases in market value of Major League Baseball teams, we have engaged Park Lane to seek potential buyers of our interest in the Colorado Rockies," said Ed Moss, CEO of the Denver Post and Executive Vice President of Digital First Media. "At the right value, we would sell the interest. If we do not receive that value, we would be happy to continue to hold our interest in the Rockies."
New York-based Digital First Media took over management of MediaNews Group in the fall of 2011. The Bay Area News Group is among the other MediaNews Group newspapers managed by DFM.
Park Lane, a sports-focused investment bank based in Los Angeles, and Katten Muchin Roseman LLP, a sports law group, will field offers for the Post's ownership position in the Rockies.
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