The New York Times Company Sells The Boston Globe (And Related Properties) For $70M


TechCrunch

The New York Times is selling the Boston Globe and the rest of its New England Media Group to John Henry, the billionaire who’s principal owner of the Boston Red Sox, for $70 million in cash.

The news has prompted some rather depressing comments about the Globe’s relative worth. For example, Ken Doctor at the Nieman Journalism Lab noted that the price is $12 million less than the five-year contract that Red Sox pitcher John Lackey signed in 2009. But harshest comparison may with the Globe of 20 years ago, which The Times acquired for $1.1 billion.

Along with the Globe newspaper, the sale includes the BostonGlobe.com website, Boston.com, the Worcester Telegram & Gazette, Telegram.com, and the globe’s direct mail marketing company Globe Direct.

In its most recent earnings report, The Times said its New England Media Group’s revenue was down 7.4 percent year-over-year, with a 2.3 percent drop…

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