The owner of the Boston Red Sox baseball team has agreed to purchase the Boston Globe newspaper from the New York Times Company, the paper disclosed early Saturday morning.
The New York Times Company, which purchased the paper in 1993 for $1.1 billion, sold the Boston Globe and related assets 20 years later for $70 million in cash.
“This is a thriving, dynamic region that needs a strong, sustainable Boston Globe playing an integral role in the community’s long-term future,” new owner John Henry said in a statement.
The Times reported the deal was made at 1:50 a.m. Eastern Time Saturday and is expected to close in one to two months. When the deal closes, Henry will own the newspaper, BostonGlobe.com, Boston.com, the Worchester Telegram & Gazette, Telegram.com and the Boston Globe’s marketing company GlobeDirect.
The New York Times Company’s 49 percent stake in the Boston edition of the Metro newspaper will also transfer to Henry.