The New York Times has sold the flailing Boston Globe to the principal owner of the Red Sox.
The New York Times Co has agreed to sell The Boston Globe to the principal owner of the Boston Red Sox baseball team, John W. Henry, for $70 million in cash, ending its 20-year ownership of the paper.
The transaction announced on Saturday includes the Worcester Telegram & Gazette, related digital properties of both papers, and a direct mail marketing company.
The sale caps years of uncertainty for the Globe, which was put on the auction block twice.
The New England properties were the last pieces of a once much bigger empire. The New York Times Co has sold off everything - TV and radio assets, dozens of U.S. regional papers, digital companies, and its stakes in sports ventures - to focus solely on its flagship and international edition.