Boston Globe back in local hands

Oct. 25, 2013 at 9:57 AM   |   0 comments

BOSTON, Oct. 25 (UPI) -- The Times Co. said it had completed its sale of a regional media group, including the Boston Globe, after an injunction blocking the sale was rescinded.

Worcester Superior Court Justice Shannon Frison had blocked the sale of the New England Media Group, which also includes the Worcester Telegram & Gazette, after the Times agreed to set aside the value of the Worcester newspaper to cover possible damages arising from a lawsuit that involves 1,000 Telegram & Gazette carriers.

Frison put the injunction in place noting she expected the carriers to win their case, which was first filed in 2009. At the time, she recommended the Times either sign on as a defendant in the lawsuit or set aside $60 million, the amount that could eventually be owed to the carriers.

The judge permitted the sale to John Henry, the owner of the Boston Red Sox, who had agreed in August to buy the New England Media Group for $70 million.

The Globe had been locally owned from 1873 until 1993 when the Times purchased it for $1.1 billion.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Trending News
Join the conversation
x
Feedback