New York Times Co. Selling "Boston Globe" and Others to John Henry for $70 Million
New York Times Co. announced last Friday that it is selling its New England Media Group subsidiary to John Henry, the owner of Fenway Sports Group, for $70 million in cash.
The deal consists of both print publications and websites, including The Boston Globe, boston.com, the Worcester Telegram & Gazette, and telegram.com. Henry will also receive GlobeDirect, the Globe's direct-mail marketing arm, as well as New York Times' 49% interest in Metro Boston.
"We are very proud of the association we have had with The Boston Globe and the Worcester Telegram & Gazette and we're delighted to have found a buyer in John Henry, who has strong local roots and a deep appreciation of the importance of these publications to the Greater Boston community," said NYT President and CEO Mark Thompson in a statement. According to Thompson, the move will allow his company to improve its focus and invest further in the New York Times brand itself.
According to the release, the all-cash transaction should be closed in 30 to 60 days, with proceeds flagged for "general corporate purposes."
The article New York Times Co. Selling "Boston Globe" and Others to John Henry for $70 Million originally appeared on Fool.com.
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