Phoenix: Republic sells small Diamondbacks stake

Gannett’s company-wide garage sale continues in full swing: The Arizona Republic has sold its 1% stake in the Arizona Diamondbacks pro baseball team, ending a relationship that began when the paper’s corporate parent provided seed capital establishing the team 10 years ago. Financial terms, including the sale price, were not disclosed.

The Republic initially made a $5 million investment and two subsequent $1 million cash calls early on to help with the team’s “financial shortcomings,” the paper said in a story reporting the sale. That $7 million stake was worth just more than 1% of the team. Gannett bought the Republic, plus The Indianapolis Star and three other dailies in Indiana and one daily in Louisiana from the Pulliam family in 2000 for $2.6 billion in cash.

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