From Forbes:
Billionaire Red Sox Owner John Henry Buys Boston Globe For $70 Million From New York Times
John Henry, billionaire sports team owner and Boston resident, has brought the town’s most recognized newspaper back to local ownership. With a $70 million all-cash bid, he purchased The Boston Globe from corporate owner The New York Times on Saturday.See also:
The move comes just days after Henry was reported to be back in the running on his own, following his New England Sports Network (NESN) dropping out. According to the Times, other interested parties included a group with members of the Taylor family who sold the Globe to the Times back in 1993. The $70 million sale price shows the paper’s staggering drop in value since then, when the Times paid $1.1 billion for the Globe and its other local media properties.
“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.”
Whether that statement refers to other minority partners is unclear. Henry has more than enough capital to bankroll this purchase on his own. At our 2013 billionaires list, Forbes pegged his net worth at $1.5 billion. That investment portfolio includes major sports assets: the Boston Red Sox baseball team, Liverpool soccer club, and Rousch Fenway Racing. Henry’s stake in NESN itself is worth more than $600 million by our estimates....MORE
Legendary Futures Trader John Henry to Close Shop
Another Massachusetts Mega-Mansion or Alternative Investments Can Be Very Profitable
