The New York Times Company announced today that it has agreed to sell The Boston Globe newspaper for USD 70 million cash to the principal owner of the Boston Red Sox baseball team.
The Times is selling The Globe for a fraction of $1.1 billion it paid for the Boston newspaper in 1993. The buyer is John W Henry, principal owner of the Boston Red Sox, The Times said.
“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 printed in The Globe.
Other media properties on sale belonging to The Times in New England such as the website Boston.Com and The Worcester Telegram & Gazette, a local newspaper serving central Massachusetts.
