Boston Globe sold for $70M

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August 3, 2013, 6:52 am
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(NECN: Lauren Collins) - John Henry, the owner of the Boston Red Sox, is officially buying the Boston Globe.

The deal, announced early Saturday morning, will cost Henry $70 million to acquire the Boston Globe,,, The Worcester Telegram & Gazette,, direct mail marketing company Globe Direct, and the company's 49-percent interest in Metro Boston.

The price is a steep drop from the $1.1 billion the New York Times Company paid for it in 1993.

Henry is making his first foray into the world of news media, but according to Northeastern Professor Dan Kennedy, his ability to afford bold moves may be just what the paper needs.

"He can concentrate on figuring out how to maintain and even build the Globe as a business," Kennedy said. "And that's certainly a good thing for the Globe."

In a statement, Henry said it would be inappropriate for him to comment on his plans until the paperwork is signed, but added that he's proud of the purchase.

"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," he said.

The paper and its related assets were first put up for sale back in February.

Tags: Boston Red Sox, John Henry, Boston Globe, business , journalism, New York Times company
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