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. (Read more John Henry stories.)