The New York Times Co. has agreed to sell the Boston Globe and assets for $70 million to John Henry, owner of the Boston Red Sox. As pointed out by the Washington Post, this is far below [7%] the $1.1 billion dollars purchase in 1993.
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.