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article imageRed Sox owner John Henry to buy Boston Globe from New York Times

By Yukio Strachan     Aug 3, 2013 in Business
Boston - John W. Henry, main owner of the Boston Red Sox, has agreed to pay The New York Times $70 million for The Boston Globe, the Times said early Saturday.
“This is a thriving, dynamic region that needs a strong, sustainable Boston Globe playing an integral role in the community’s long-term future,” Henry said in a statement about the sale published by the Globe. “In coming days there will be announcements concerning those joining me in this community commitment and effort.”
Henry, 63, made his fortune in investment funds and has built a sports empire that includes the Boston Red Sox and New England Sports Network, as well as the Liverpool Soccer Club and Roush Fenway Racing, a NASCAR team, the Globe said.
Times spokeswoman Eileen Murphy confirmed the planned sale of the Globe and other media properties to Henry. Henry's purchase price is less the previous price paid for the paper — the Times paid $1.1 billion for the Globe in 1993—the highest price paid for an American newspaper.
In acquiring the Globe and its websites, BostonGlobe.com and Boston.com, Henry also will acquire the Worcester Telegram & Gazette newspaper and its website, as well as the Globe’s direct mail business and a 49 percent interest in the Metro Boston commuter newspaper.
As the Associated Press pointed out, the Times announced in February it was putting the Globe and related assets up for sale four years after calling off a previous attempt to sell it. The company's CEO said at the time selling the Globe would help the company focus attention on The New York Times brand.
Christopher M. Mayer, Globe publisher and president of New England Media Group, expressed his optimism about the new ownership.
“We are excited about the prospect of working with John Henry and committed to giving Boston and New England high-quality news, information, and entertainment for years to come,” he said.
Still, the deal is sure to spark debate in journalism circles and among Globe readers about whether the Globe’s coverage of the Red Sox, which regularly includes critical commentary, will be affected.
“We have no plans whatsoever to change our Red Sox coverage specifically, or our sports coverage in general, nor will we be asked,’’ Globe editor Brian McGrory said Saturday, according to the Globe. “The Globe’s sports reporting and commentary is the gold standard in the industry.”
The all-cash sale is expected to close in 30-60 days.
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