Boston Red Sox owner John Henry is purchasing The Boston Globe for $70 million in cash. Henry reached agreement to acquire the New England Media Group, which includes the Globe, from the New York Times Company early Saturday morning. Sports writer Peter Gammons first reported that a sale to Henry was in the works late Friday afternoon.
The sale includes The Boston Globe, its affiliated websites, the Worcester Telegram & Gazette, partial ownership of Metro Boston, and related properties, such as the Globe's building on Morrissey Boulevard. In a press release, the New York Times Company says it expects the deal to close within 30 to 60 days.
Henry, who lives in Brookline, has not disclosed his plans for the paper, but told the Globe in a statement, “This is a thriving, dynamic region that needs a strong, sustainable Boston Globe playing an integral role in the community’s long-term future...” Most of Henry's wealth comes from his investments in commodity markets and his majority ownership of Fenway Sport Group, which includes the Red Sox, New England Sports Network, and a NASCAR team. How ownership of the Globe might fit into these other businesses is unclear, but Henry says he will provide more details in the coming days.
On Friday's Beat the Press, recorded before the sale was disclosed, panelist Dan Kennedy discussed the benefits of a potential Henry ownership: