Red Sox Owner Spends $70M On Boston Globe

Law360, New York (August 5, 2013, 3:55 PM EDT) -- The New York Times Co. has agreed to sell The Boston Globe newspaper to John W. Henry, the principal owner of the Boston Red Sox, for $70 million in cash, the media company announced Saturday, just a fraction of the $1.1 billion the Times paid for the paper in 1993.

The sale, which is expected to close in 30 to 60 days, includes The Boston Globe, BostonGlobe.com, Boston.com, the Worcester Telegram & Gazette, Telegram.com and Globe Direct, the Boston Globe's direct mail marketing company. The Times's...
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