The Denver Post is seeking to divest its minority ownership stake in the Colorado Rockies, the parent company announced.
Digital First Media, which runs Denver Post owner MediaNews Group, said the paper is looking to raise funds to pursue 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."
Digital First Media assumed control of MediaNews Group in the fall of 2011. The Post owns 7.3 percent in the Rockies. In March, Forbes magazine valued the franchise at $464 million.
"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," Denver Post CEO Ed Moss said in a statement. "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."