The New York Times Company has confirmed that Red Sox owner John Henry is buying the Boston Globe newspaper for $70 million, a small fraction of the price the Times paid for the paper back in 1993.
Eileen Murphy, a Times spokeswoman, said that Henry has agreed to pay $70 million, bringing the Globe back under local ownership, notes The Times. That’s a major drop from the whopping $1.1 billion the times paid for the paper in 1993. However, as readership has decreased, the Globe’s profits have continued to drop and the Times has been trying to sell it off since February and previously tried to sell it in 2009.
The globe is actually only a part of the New England Media Group, which also includes Boston.com, BostonGlobe.com, the Worcester Telegram & Gazette, Telegram.com, Globe Direct and the paper’s 49 percent stake in the free newspaper Metro Boston. It is expected that the all-cash sale will take 30 to 60 days to complete.
“The Boston Globe’s award-winning journalism as well as its rich history and tradition of excellence have established it as one of the most well respected media companies in the country,” Henry said in a statement to Boston.com. Henry applauded the “essential role that its journalists and employees play in Boston, throughout New England, and beyond.”
Christopher M. Mayer, Globe publisher and president of New England Media Group, added, “We are excited about the prospect of working with John Henry and committed to giving Boston and New England high-quality news, information, and entertainment for years to come.”
Henry, who was born in Quincy, Illinois, made his fortune in investment funds and has had the Boston Red Sox as the center of a sports empire since 2002. He also owns the New England Sports Network, the Liverpool Soccer Club and the NASCAR team Roush Fenway. Under his leadership with partners Tom Werner and Larry Lucchino, the Red Sox won the World Series in 2004 and 2007.
The Globe was established in 1873 and was owned by the Taylor family until 1993.
image: Wikimedia Commons
