Sold for $70 million! Liverpool owner John Henry buys the Boston Globe
The Boston Globe is being sold to John Henry, the principal owner of the Boston Red Sox and also Liverpool football club.
John Henry: new Boston Globe owner
The cash deal for $70 million - announced early today - is the latest step by the New York Times to shed assets unrelated to its namesake newspaper.
In addition to the Globe,which sells around 230,000 daily the deal includes Boston.com, the Worcester Telegram & Gazette and other media properties.
Henry, in a statement published by the Globe, 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 news release, New York Times CEO former BBC chief Mark Thompson said that "as a result of this agreement, we will be able to sharpen our company focus on and investments in The New York Times brand and its journalism."
Fenway Sports Group, the parent company that houses Henry's sports interests, also owns the Red Sox's historic ballpark.
The sale price is tiny compared with the $1.1 billion that the Times paid for the newspaper when it bought it 20 years ago. Prospects for the newspaper business have declined sharply in that period , said the Wall Street Journal.
New England Media Group reported a 7.4% revenue decline for the second quarter, with ad revenue dropping 9.5%.
The New York Times Company has been selling assets for the past year and a half, selling off About.com, its local television stations, and its stake in the Fenway Sports Group, which owns the Boston Red Sox.
Henry 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.