Red Sox to Buy Boston Globe

    Workers walk past the front of The Boston Globe building in the Dorchester neighborhood of Boston, Monday June 8, 2009. Reporters and editors at The Boston Globe faced the choice Monday of accepting $10 million in annual wage and benefit concessions or risking even deeper pay cuts and the possible closure of the 137-year-old newspaper. The Boston Newspaper Guild, which represents 700 editorial, advertising and business employees, voted on a new contract negotiated after the Globe's parent company, The New York Times Co., said it needed $20 million in annual savings from Globe unions, half from the Guild, to avoid shutting down the newspaper. (AP Photo/Charles Krupa)

    Charles Krupa/AP

    There’s something to be said for regional loyalty. John Henry, who already owns the Boston Red Sox, has now entered into an agreement to buy the city’s newspaper, the Boston Globe said Saturday. The paper has been on the market since February. It was put up for sale by The New York Times Company, which bought it in 1993 for $1.1 billion. So what’s the current going price for a Boston newspaper? Roughly 70 million dollars—just seven percent or its worth two decades ago. The all-cash sale is expected to close within 30 to 60 days.

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