New York Times to Sell Boston Globe and Other New England Media Properties to John W. Henry for $70M in Cash

The New York Times Company

has entered into an agreement to sell its New England Media Group to an acquisition company owned by John W. Henry, the principal owner of Fenway Sports Group, for $70 million in cash, subject to customary adjustments. The all-cash transaction is expected to close in 30 to 60 days. The company intends to use the net proceeds for general corporate purposes. The principal properties that make up the New England Media Group are: The Boston Globe BostonGlobe.com Boston.com