The New York Times Co. is selling the Boston Globe, which it acquired in 1993 for $1.1 billion, to Red Sox owner John Henry for $70 million in cash. The deal also includes the Globe’s websites and the Worcester Telegram & Gazette.
“The Boston Globe’s award-winning journalism as well as its rich history and tradition of excellence have established it as one of the most well respected media companies in the country,” the 63-year-old businessman says in a statement.
Globe editor Brian McGrory says: “We have no plans whatsoever to change our Red Sox coverage specifically, or our sports coverage in general, nor will we be asked. The Globe’s sports reporting and commentary is the gold standard in the industry.” (The editor tweeted that “marathon negotiations with NYT ended at 1:50 a.m.”)
The Globe’s story notes that how Henry plans to run the paper is still largely unknown.
“What the Globe needs now is not so much a journalism guy as someone with strong business credentials and the integrity to keep the business separate from the journalism,” says Columbia University’s Bill Grueskin, a former newspaper editor.
* Red Sox owner in deal to buy the Boston Globe (boston.com)
* The deal is expected to close in 30 to 60 days (nytimes.com)
* Will Henry keep the current publisher and editor? and other questions (huffingtonpost.com)