John Henry, owner of the Boston Red Sox, has purchased The Boston Globe for a record low of $70 million -- down from it's estimated worth of $1.1 billion just two decades ago, USA TODAY reports.
New York Times Co. spokersperson Eileen Murphy confirmed the all-cash sale to Henry, which includes BostonGlobe.com, Boston.com, The Worcester Telegram & Gazette, Telegram.com, Global Direct, and the company's 49 percent interest in Metro Boston -- a free daily commuter newspaper.
In February, the New York Times Co. announced it was putting The Globe and its assets up for sale, four years after a seperate attempt to sell it failed. The CEO said selling The Globe would help direct more focus toward The New York Times.
The 141-year-old New York Times Co. publication will be handed to Henry along with it's websites and affiliated companies. The Globe referred to Henry's acquisition of the newspaper on Saturday as his first "foray into the financially unsettled world of the news media."
In a statement published by The Globe, Henry said:
"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."
He also cited the "essential role that its journalists and employees play in Boston, throughout New England, and beyond."
In addition to the Boston Red Sox, Henry also owns soccer club Liverpool F.C. of the English Premiere League. He plans to reveal further details about his newest purchase within the next few days.
The New York Times Co. bought The Boston Globe in 1993 from Stephen Taylor for $1.1 billion, Henry's purchase price was less than 7 percent of that.
The Globe has a current circulation of 230,351, a severe decline from it's average of 413,000 in 2002. They received lots of public and international appraisal after their coverage of the Boston bombings earlier this year.
