John Henry reaches deal to buy Boston Globe
|08.02.13 at 10:39 pm ET|
John Henry came into Boston in 2002 promising to break the “Curse of the Bambino” and deliver a World Series championship to Red Sox fans throughout New England. This season, under Henry’s management, the Red Sox have produced another remarkable turnaround from last place to the best record in the American League.
Apparently, he will get the chance to try his turnaround magic on the Boston Globe.
According to Peter Gammons, Henry has been selected by The New York Times Co., the Globe’s current owner, to take over the newspaper, according to a report on his website Gammons Daily. The price is speculated to range anywhere between $70 and $120 million.
Update: The Globe has confirmed the purchase agreement reached by Henry.
BREAKING: Red Sox owner John Henry enters agreement to buy The Boston Globe
— The Boston Globe (@BostonGlobe) August 3, 2013
Henry’s Red Sox already own a majority stake in NESN and sports teams marrying media entities is hardly groundbreaking. FOX Entertainment Group owned the Dodgers. The Tribune Co. owned the Cubs and Ted Turner owned the Braves. The Knicks and Rangers are owned by the Dolan family, which owns Cablevision. But in this case it’s the sports franchise buying the media outlet.
The Globe reported on Wednesday that Henry was going to submit a bid for the newspaper as a solo buyer after an attempt to purchase the Globe through New England Sports Network did not materialize. Henry also owns the soccer powerhouse Liverpool Reds of the Barclay’s Premier League.