Red Sox owner buys Boston Globe for $70 million
John Henry, principal owner of the Boston Red Sox, purchased the Boston Globe as well as the websites BostonGlobe.com, Boston.com, The Worcester Telegram & Gazette, Telegram.com, and a 49 percent interest in Metro Boston. The New York Times bought the Boston Globe in 1993 for $1.1 billion.
(AP Photo/Michael Dwyer, File)
Businessman John Henry, the principal owner of the Boston Red Sox, has entered into an agreement to buy The Boston Globe for $70 million, a massive drop from its record $1.1 billion price two decades ago.
The impending purchase from The New York Times Co. marks Henry's "first foray into the financially unsettled world of the news media," the Globe said Saturday. The deal will give Henry the 141-year-old newspaper, its websites and affiliated companies, it said.
The Times announced in February it was putting the Globe and related assets up for sale four years after calling off a previous attempt to sell it. The company's CEO said at the time selling the Globe would help the company focus attention on The New York Times brand.
Times spokeswoman Eileen Murphy confirmed the planned sale of the Globe and other media properties to Henry. The Times said the all-cash sale, expected to close in 30 to 60 days, includes BostonGlobe.com, Boston.com, The Worcester Telegram & Gazette, Telegram.com, the direct mail marketing company Globe Direct and the company's 49 percent interest in Metro Boston, a free daily newspaper for commuters.
Henry cited the "essential role that its journalists and employees play in Boston, throughout New England, and beyond."
"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.
Henry, who also owns the English Premier League soccer club Liverpool F.C., said he would reveal details about his plans for the Globe in the next few days.
Globe editor Brian McGrory said the newspaper's Red Sox coverage and its editorial decisions won't be affected by the sale.
"We have no plans whatsoever to change our Red Sox coverage specifically, or our sports coverage in general, nor will we be asked," McGrory told the newspaper. "The Globe's sports reporting and commentary is the gold standard in the industry."