The New York Times Co announced that it has agreed to sell the Boston Globe newspaper to John Henry. The latter, who owns the Boston Red Sox baseball team, will be paying USD 70 million in cash for the publication. The sale covers not only the newspaper but its website and GlobeDirect, the publication's direct mail marketing firm. The deal also includes the Worcester Telegram & Gazette and its website, and 24-hour breaking news site Boston.com. In addition, Henry will also get a 49% stake in Metro Boston.
The New York Times said that the deal is expected to be completed in 30 to 60 days. It was early this year when they hired Evercore Partners Inc to take care of the Boston Globe sale. Mark Thompson, New York Times Chief Executive Officer, said that the agreement will enable them to focus on its flagship media brand. "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," he said.
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