Boston Red Sox owner John Henry has purchased the Boston Globe from the New York Times Company.
Henry's move concludes a process that began in February, when the Times Co. put the paper up for sale. The Times Co. has been selling most of its non-core properties in order to focus solely on its flagship newspaper, but it did not get much for the Globe. Though it was bought for $1.1 billion in 1993, the newspaper business has changed along with the fortunes of the Globe, and Henry purchased it, along with its websites and another smaller newspaper, for a relative pittance of $70 million.
"This is a thriving, dynamic region that needs a strong, sustainable Boston Globe playing an integral role in the community’s long-term future," Henry said in a statement.
Henry was one of several individuals and groups to make a play for the Globe, which, despite its decline, remains one of the most potent media forces in the New England region. Earlier this week, the Globe itself reported that Henry had struck out on his own in a solo bid for the paper.
The sale continues a trend that has seen once-prosperous newspaper conglomerates shed their now-sagging titles by selling them to rich local businessmen. The same, for instance, happened to the Philadelphia Inquirer, and could possibly happen to the Tribune titles that are on the market.