NYT sells Boston Globe to Red Sox owner for $70mln

The New York Times Co has sold The Boston Globe to businessman and principal Boston Red Sox owner John Henry.

Henry paid 70 million dollars in cash for the New England Media Group, which includes the Globe and the Telegram and Gazette of Worcester, along with websites for both papers and the Globe's direct mail marketing company, the Times Co said.

According to news.com.au, the price is a big drop from the 1.1 billion dollars the New York Times Co paid for the Globe 20 years ago.

The New York Times Co had put the Globe up for sale in February, four years after calling off a previous attempt to sell it.

The company said it plans to use the net proceeds for general corporate purposes.

Henry, who also owns the English Premier League soccer club Liverpool FC, is the son of southern Illinois soybean farmers now worth an estimated 1.5 billion dollars.