Story by the Associated Press/Curated by Madeleine Morgenstern
BOSTON (AP) — The New York Times Co. says it has agreed to sell The Boston Globe to the principal owner of the Boston Red Sox for $70 million, a massive drop from the record $1.1 billion it paid for it.
The Boston Globe signage hangs on the side of its building on Feb. 20, 2013 in Boston. The New York Times Co. announced it has agreed to sell the Globe to the principal owner of the Boston Red Sox. (Getty Images)
Times spokeswoman Eileen Murphy confirms the sale of the Globe and other media properties to businessman John Henry.
The Times bought the Globe in 1993. Newspapers have faced difficulties in recent years as advertisers have moved more ads online.
The Times announced in February it was putting the Globe up for sale. The company's CEO said at the time selling the Globe would help the company focus attention on The New York Times brand.
Boston Red Sox owner John Henry stands on the field before a baseball game in Boston, in this May 11, 2013 file photo. (AP)
Henry says the Globe's "award-winning journalism" and "its rich history and tradition of excellence" have established it as one of the most well-respected media companies in the country.