John Henry, the owner of the Boston Red Sox, has come to an agreement with The New York Times Co. to buy the Boston Globe for $70 million. Inside of this deal, the Globe said that Henry would be receiving rights to the newspaper, as well as the website and other affiliated companies.
About four years ago, the Boston Globe was taken off the market following an offer, but now they have officially gone back on and have found a buyer. Back then, the CEO of The Times said that the sale of the Boston Globe would be able to benefit the continuing growth of the New York Times.
In an article from sportsillustrated.cnn.com,
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.
The Globe and other newspapers have faced difficulties in recent years as readers have fled to the Internet and advertisers have cut spending on newspapers and moved more ads online. Still, the Globe is a journalistic institution in New England and was lauded for its coverage of the deadly Boston Marathon bombings in April.
And before you ask about how this will change the sports pages of the Boston Globe, read what editor Brian McGrory had to say,
We have no plans whatsoever to change our Red Sox coverage specifically, or our sports coverage in general, nor will we be asked. The Globe’s sports reporting and commentary is the gold standard in the industry.