Times Company Sells Boston Globe

Yesterday the New York Times Company agreed to sell the Boston Globe to Red Sox owner John Henry for a mere $70M.  Twenty years ago the Times Company bought the Globe for $1.1B.

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 also owns a British soccer team.