New York Times Company Sells “Boston Globe” to Red Sox Owner
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Tony Burns/Getty Images(NEW YORK) — The New York Times Company is selling the Boston Globe for $70 million to John W. Henry, the principal owner of the Boston Red Sox, the New York Times reports.
The sale includes the rest of the New England Media Group, comprising of BostonGlobe.com, Boston.com, The Worcester Telegram & Gazette, Telegram.com, the direct-mail marketing company Globe Direct, and the company’s interest in Metro Boston.
Henry, the new owner of the Boston Globe, owns Fenway Sports Group, Fenway Park, and 80 percent of the New England Sports Network, according to the New York Times. Henry said in a statement, “This is a thriving, dynamic region that needs a strong, sustainable Boston Globe playing an integral role in the community’s long-term future.”
The New York Times Company bought the Boston Globe for $1.1 billion in 1993, ranking among the highest prices paid for an American newspaper.
The New England Media Group was the Times Company’s last big asset. According to the New York Times, The Times Company has been “divesting itself of assets to focus on developing its core title, The New York Times.” The Times Company sold its 16 regional newspapers in 2012.
The sale is expected to close in 30 to 60 days, the New York Times reports.
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