Deals
New York Times Sells Boston Globe to John Henry for $70M
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New York Times Co., which put its Boston Globe newspaper up for sale this year, agreed to sell the publication to John Henry, owner of the Boston Red Sox baseball team, for $70 million in cash.
The deal is $40 million short of the $110 million in pension liabilities said to be owed by the Globe properties collectively known as the New England Media Group, and is expected to close in 30 to 60 days. The sale also includes the Globe website, the Boston.com site, the Worcester Telegram & Gazette, a 49 percent stake in Metro Boston, and the direct-mail marketing company GlobeDirect, the New York Times said in a statement yesterday.