Red Sox owner John Henry has entered into an agreement to buy The Boston Globe and the rest of the New England Media Group, the paper's parent company, The New York Times Company, announced early today.
The $70 million cash agreement is expected to close in 30 to 60 days, according to The Times, and pales in comparison to the $1.1 billion it bought the Globe for two decades ago.
"We are excited about the prospect of working with John Henry and committed to giving Boston and New England high-quality news, information, and entertainment for years to come," said Christopher M. Mayer, Globe publisher and president of New England Media Group, said in a statement released early today.
The news is likely to deliver shockwaves to Morrissey Boulevard, where staffers have toiled under tense and uncertain conditions since the Times announced it was putting the paper up for sale in February.
The sale includes not only the Globe broadsheet, but its web sites, bostonglobe.com and boston.com; the Worcester Telegram & Gazette and its web site; GlobeDirect, the newspaper's direct mail marketing company; and the company's 49 percent share interest in Metro Boston.
Henry, in a statement, said the paper'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."
"Until the transaction has officially closed and a change in ownership is completed, it would be inappropriate for me to comment specifically about the future of the New England Media Group," Henry said. "This is a thriving, dynamic region that needs a strong, sustainable Boston Globe playing an integral role in the community's long-term future. In coming days there will be announcements concerning those joining me in this community commitment and effort."
Mark Thompson, president and CEO of The New York Times Company, said the company was "very proud" of its ties to the Globe and Telegram & Gazette.
"We're delighted to have found a buyer in John Henry, who has strong local roots and a deep appreciation of the importance of these publications to the Greater Boston community," he said in a statement.
Henry's ownership of both a major sports franchise and a big-city daily newspaper that covers it is likely to raise both eyebrows and serious conflict of interest questions.
But it's not unprecedented.
When Henry first bought the Sox in February 2002, the New York Times owned both the Globe and a 17 percent stake in the team.
The Chicago Tribune also owned both the Chicago Cubs and Wrigley Field until 2007.
But it can often be an awkward arrangement. The Los Angeles Times faced criticism over a profit-sharing agreement in 1999 to publish a special magazine issue about the then-new Staples Center without disclosing it to readers and staff.
Henry emerged late in the Globe bidding process and had at one point been rumored to be partnering with Delaware North, which is run by Bruins owner Jeremy Jacobs.
Speculation of a Henry buy intensified on July 16 when several Globe staffers Tweeted that Henry and his wife, Linda Pizzuti Henry, had toured the newsroom.
"I just met #RedSox owner and Globe suitor John Henry, who is walking around @BostonGlobe checking us out," Tweeted Globe associate editor Shirley Leung.
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