New York—The New York Times Co. has agreed to sell its New England Media Group to John W. Henry, the principal owner of the Boston Red Sox, for $70 million in cash. The deal is expected to close in 30 to 60 days.
New England Media Group includes the Boston Globe, BostonGlobe.com, Boston.com, Worcester Telegram & Gazette, Telegram.com and GlobeDirect, a direct-mail marketing company.
Henry is principal owner of Fenway Sports Group, which owns the Red Sox, Fenway Park and 80 percent of the New England Sports Network, as well as English Premier League soccer club Liverpool F.C.
“As a result of this agreement, we will be able to sharpen our company focus on and investments in the New York Times brand and its journalism,” said Mark Thompson, president-CEO of the New York Times Co., in a statement.
Also included in the sale is the New York Times' 49% interest in Metro Boston, the city's free local daily newspaper.