Red Sox principal owner John Henry has reached an agreement to purchase the Boston Globe from the New York Times Company for $70 million, reports the Associated Press. The deal gives him the 141-year-old newspaper, its website and related assets.
“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,” Henry said in a statement while acknowledging the “essential role that its journalists and employees play in Boston, throughout New England, and beyond.”
The Times put the Globe up for sale in February, saying it would allow the company to focus on the New York Times brand. The Times purchased the Globe for a record $1.1 billion back in 1993. The cash sale is expected to close in 30-60 days.
Editor Brian McGrory confirmed the Globe will not change its Red Sox coverage following the sale.
"We have no plans whatsoever to change our Red Sox coverage specifically, or our sports coverage in general, nor will we be asked," he said to Beth Healy of the Globe. “The Globe's sports reporting and commentary is the gold standard in the industry.”
Henry, 63, made his fortune in investment banking, at one point controlling more than $2.5 billion. He purchased the Red Sox in 2002. Henry also owns the New England Sports Network, the Liverpool Soccer Club and the Roush Fenway Racing NASCAR team.
Henry said he will announce his plans for the Globe in the coming days.