Red Sox Owner Buys Boston Globe for a Bargain
John Henry getting it for $70M, down from $1B in its heyday
By Newser Editors and Wire Services
Posted Aug 3, 2013 8:18 AM CDT
Boston Red Sox owner John Henry.   (Michael Dwyer)

(Newser) – John Henry, the principal owner of the Boston Red Sox, has entered into an agreement to buy the Boston Globe for $70 million, a massive drop from its record $1.1 billion price two decades ago. The impending purchase from the New York Times Co. marks Henry's "first foray into the financially unsettled world of the news media," the Globe said today. The deal will give Henry the 141-year-old newspaper, its websites, and affiliated companies.

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 all-cash sale is expected to close in 30 to 60 days. Henry, who also owns the English Premier League soccer club Liverpool FC, said he would reveal details about his plans for the Globe in the next few days.

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Showing 3 of 6 comments
Aug 4, 2013 1:58 AM CDT
I was surprised that the Globe was worth even this much, but Matthew Yglesias at Slate read through some fine print and found that the actual sale price was -$40 million, since the NYT agreed to be responsible for $110 million of pension obligations for Globe employees. That sounds more plausible to me. I doubt that the entire American newspaper business today is worth the $1.1 billion that the NYT paid for the Globe.
Aug 3, 2013 8:01 PM CDT
This is happening all over. Print operations are the dark ages. Even if they try to dabble with an online presence. But many go to the online presence with fees. That alienates people like me and I wind up at Newser. The Tulsa World did that a few years ago and its readership dropped off the face of the Earth. Then the Daily JOklahoman was bought by Philip Anshutz, you know the guy who owns all those squeaky clean PSA's running for "foundation for a better life." He picked up the Daily Joke for pennies on the dollar. Well, the Gaylord family had made their personal billions from it and were flush with cash from their ownership of Grand Ole Opry, Opryland, and Dollywood. They also own Gaylord Entertainment and the various high end hotels like The Broadmore. So they are not hurting from loosing their pathetic paper. Anshutz plans to sell off the 15 story headquarters and move them back to downtown OKC in a failed mall. He could merger it with other papers to save even more. I mean many large media corporations are forming pools of IT, graphics, news gathering, fact checking, editing, and national news divisions. A typical 20-paper group can easily have a centralized departments. Its the only way they will survive today.
Aug 3, 2013 3:20 PM CDT
Well now, it looks like Dan Shaughnessy is owned by the Red Sox.