Billionare John Henry is spending a lot of money to liberate a Boston institution from New York ownership. Today the Red Sox and Liverpool FC owner released a statement from Boston on Business Wire that he was buying the Boston Globe from the New York Times. The statement reads:
Boston.com is reporting that John Henry is buying the 141-year-old newspaper for $70 million.
That may sound expensive, but consider that the New York Times Company and Affiliated Publications Inc., purchased The Boston Globe in 1993 for $1 Billion.
Henry is practically getting the company in an "everything-must-go sale."
The Times Corporation put The Boston Globe up for sale in February 2013 when it decided to refocus its efforts on improving the New York newspaper and related website.
Reuters reported when the Globe hit the market in February that its estimated price tag would be $150 million. Henry will pay less than half that amount.
According to Forbes, Henry's net worth is $1.5 billion as of March 2013.