Saturday, August 3, 2013

 

Red Sox owner Henry to buy Boston Globe

Businessman John Henry, who is the principal owner of the Boston Red Sox, has agreed to buy The Boston Globe newspaper from The New York Times Co.



Red Sox owner Henry agrees to buy Boston Globe: Boston Red Sox owner John Henry
Boston Red Sox owner John Henry stands on the field before a baseball game in Boston on May 11.
BOSTON — Businessman John Henry, the principal owner of the Boston Red Sox, has entered into an agreement to buy The Boston Globe.

The impending purchase marks Henry's "first foray into the financially unsettled world of the news media," the Globe said early Saturday. The deal will give Henry the 141-year-old newspaper, its websites and affiliated companies, it said.

The New York Times Co. announced in February it was putting the Globe and related assets up for sale four years after calling off a previous attempt to sell it. The company's CEO said at the time that selling the Globe would help the company focus attention on The New York Times brand.

Henry, in a statement published by the Globe, cited 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," Henry said.

Henry said he would reveal details about his plans for the Globe in the next few days.

Along with the Globe, the Times planned to sell the Worcester Telegram & Gazette; the publications' related websites; the Globe's direct mail marketing company, GlobeDirect; and a 49 percent interest in Metro Boston, a free daily newspaper for commuters.

The Times bought the Globe in 1993 for $1.1 billion from the family of former Globe executive Stephen Taylor. The newspaper has faced difficulties in recent years as advertisers cut spending on newspapers and moved more ads online. Still, the Globe is a journalistic institution in New England and was lauded for its coverage of the April bombings at the Boston Marathon.

A round of cost-cutting in 2009, which involved pay cuts, helped put the newspaper on better financial footing and prompted the Times to call off a planned sale. In late 2011, the Globe started charging for access to its online version at BostonGlobe.com, which helped to boost circulation revenues.

The Times company doesn't separate Globe revenue from New York Times revenue in its financial statements. But the Globe had an average weekday circulation of 230,351 in the six months through September, up 12 percent from a year ago, according to the Alliance for Audited Media. The newspaper's increase in digital subscriptions more than offset declines in print. But the total is still down significantly from the nearly 413,000 it boasted in September 2002.

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