The Boston Globe Bargain

By USDR.

It is reported that the New York Times has sold the Boston Globe.  The Globe has been for sale for four years. It was sold for a deep discount.

The Slate reports “The New York Times is finally biting the bullet and selling the Boston Globe two decades after paying the highest price on record for a U.S. newspaper and four years after it first put the 141-year-old paper up for sale. John W. Henry, the principal owner of the Boston Red Sox, is picking up the Globe, its websites and several affiliated companies for a cool $70 million in cash. That’s around 6 percent of the $1.1 billion the Times paid for the Globe alone in 1993. And the deal also includes the Worcester Telegram & Gazette, as well as its digital properties, which the Times bought for $300 million in 2000, reports Reuters. As part of the package, Henry will also be buying the Globe’s direct mail business and a 49 percent interest in the Metro Boston commuter paper.”

Henry released on statement on the sale, stating:

“Today’s announcement by The New York Times Company should make it clear exactly how strongly I feel about the New England Media Group – The Boston Globe, The Worcester Telegram Gazette and Metro Boston – and the essential role that its journalists and employees play in Boston, throughout New England, and beyond.

“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.

“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. I wish to pass along my sincere thanks to The Times and its Board of Directors, in particular.

“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.”

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.

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