Red Sox Owner to Put Turnaround Savvy to Test With Globe

Billionaire sports team owner and financier John Henry, who helped the Boston Red Sox capture the World Series in 2004 and 2007 after an 86-year drought, will attempt another comeback with Boston’s hometown newspaper.

Henry agreed to buy the Boston Globe from New York Times Co. for $70 million in cash, according to a statement last week. The price is a fraction of the $1.1 billion the Times Co. paid for the Globe in 1993 before the newspaper lost half of its circulation amid an industrywide advertising slump.