New York Times Co. (NYT -1.38%) announced last Friday that it is selling its New England Media Group subsidiary to John Henry, the owner of Fenway Sports Group, for $70 million in cash.
The deal consists of both print publications and websites, including The Boston Globe, boston.com, the Worcester Telegram & Gazette, and telegram.com. Henry will also receive GlobeDirect, the Globe's direct-mail marketing arm, as well as New York Times' 49% interest in Metro Boston.
"We are very proud of the association we have had with The Boston Globe and the Worcester Telegram & Gazette and we're delighted to have found a buyer in John Henry, who has strong local roots and a deep appreciation of the importance of these publications to the Greater Boston community," said NYT President and CEO Mark Thompson in a statement. According to Thompson, the move will allow his company to improve its focus and invest further in the New York Times brand itself.
According to the release, the all-cash transaction should be closed in 30 to 60 days, with proceeds flagged for "general corporate purposes."
