
The New York Times Co., which put its Boston Globe newspaper up for sale this year, has agreed to sell the publication to John Henry, owner of the Boston Red Sox, for $70 million in cash.
The deal is expected to close in 30 to 60 days, the Times Co. said in a statement. The sale also includes the Globe website, the Worcester Telegram & Gazette and its Boston.com website, a 49% stake in Metro Boston and the Globe’s direct-mail marketing company GlobeDirect, the statement said.
The Times Co. put the Globe up for sale in February and hired Evercore Partners to manage the process, part of an effort to focus on its flagship New York Times media brand. The Times Co., which bought the Globe for $1.1 billion 20 years ago, mostly in stock, is coping with an industry-wide decline in advertising that has caused a drop in sales and stock prices. Bids for the Globe were expected to be in the range of $100 million, people familiar with the matter said this year.
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