U.S. news group The New York Times announced on Saturday that will sell The Boston Globe newspaper, for $70 million to the businessman John W. Henry, the owner of English soccer club Liverpool.
The New York Times Co., which publishes The New York Times newspaper, will get through this transaction only a fraction of what it paid in 1993, when it purchased The Boston Globe newspaper for $1.1 billion.
“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,” said John W. Henry, the new owner of The Boston Globe and added: “This is a thriving, dynamic region that needs a strong, sustainable Boston Globe playing an integral role in the community’s long-term future.”
The transaction includes The Boston Globe publication, Boston.com website, the marketing company GlobeDirect and The Worcester Telegram & Gazette, a local Massachusetts newspaper.
John Henry, aged 63, made his fortune in investment funds. He is the main shareholder of Boston Red Sox baseball team and soccer club Liverpool.
The Boston Globe newspaper, which belonged to the Taylor family between 1873 and 1993, has faced in recent years a revenue decrease.
The New York Times Co. announced in February, that it wants to sell The Boston Globe, and a host of other assets, stating that it wants to focus on developing its main newspaper – The New York Times.
The Times company has unsuccessfully tried to sell The Boston Globe in 2009. The press group bought The Boston Globe in 1993 for $1.1 billion, and Worcester Telegram & Gazette, in 2000 for $295 million.
The Times Company is an international media company, which owns, among others, The New York Times, The International Herald Tribune and NYTimes.com.
President of The New York Times Company is Arthur Ochs Sulzberger Jr., whose family controls The New York Times since 1896.
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