New England Media Group sold to John W. Henry for $70 millionStaff writer ▼ | August 4, 2013
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, Worcester Telegram & Gazette, Telegram.com, GlobeDirect, and the company’s 49 percent 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 Mark Thompson, president and CEO of The New York Times Company. ■