BOSTON, Aug. 3 (UPI) -- The New York Times said it had agreed to sell its New England media holdings, including The Boston Globe, to Red Sox owner John Henry for $70 million.
The price represents a crushing loss of value for the Globe, which the Times purchased in 1993 for $1.1 billion, the Times reported Saturday.
The deal is emblematic of the newspaper industry that has been put back on its heels with the rise of the Internet.
But the deal brings The Globe back to New England ownership. Before the Times purchased the newspaper, it was owned from 1873 to 1993 by the Taylor family – a 120-year family operation.
"This is a thriving, dynamic region that needs a strong, sustainable Boston Globe playing an integral role in the community's long-term future," Henry said in a statement.
"In coming days there will be announcements concerning those joining me in this community commitment and effort," the statement said.
The all-cash deal includes BostonGlobe.com; Boston.com; The Worcester Telegram & Gazette; Telegram.com; the direct mail marketing company Globe Direct; and 49 percent of Metro Boston, a free daily paper, the Times said.