The publishing company of the daily New York Times announced Saturday that it is selling the Boston Globe and other properties to John W. Henry, owner of the Boston Red Sox major league baseball team.
A spokeswoman for the New York Times Company, Eileen Murphy, said that Henry will pay $70 million for the Boston Globe.
The Times purchased the Boston Globe for $1.1 billion in 1993, when the daily was one of the most prestigious in the country.
But like other newspapers, the Boston Globe lost readership and advertisers as time passed, and its revenues plummeted.
Besides the daily, the sale to Henry includes BostonGlobe.com and other properties like the Worcester Telegram & Gazette, Telegram.com and the marketing company Globe Direct.
The deal is expected to be closed in the next one or two months.
In recent years the New York Times Company has been shedding its non-strategic assets to focus on developing its principal brand, the New York Times. Last year it sold off 16 regional newspapers. EFE