Here’s the latest milestone in the story of newspapers’ decline in the digital age. The Times paid $1.1B for the Boston daily n 1993 — the highest price ever for a U.S. newspaper. Today it announced that it has agreed to sell its New England Media Group, which includes the Boston Globe, to Fenway Sports Group for $70M. John Henry is the principal owner of Fenway Sports, but the chairman is Tom Werner who co-founded The Carsey-Werner Company and was executive producer of TV hits including The Cosby Show, Roseanne, 3rd Rock From The Sun, and That 70s Show. In addition to the Globe, the company is picking up BostonGlobe.com, Boston.com, the Worcester Telegram & Gazette, Telegram.com, GlobeDirect (a direct mail marketing company), and a 49% stake in Metro Boston. Times CEO Mark Thompson says that the sale will enable him to “sharpen our company focus on and investments in The New York Times brand and its journalism.” The Times put the Boston-area properties up for sale in February, the last part of its ongoing effort to shed non-core assets. Henry’s Fenway Sports Group also owns Fenway Park, 80% of the New England Sports Network, 50% of NASCAR team Rousch Fenway Racing, and English Premier League’s soccer team Liverpool F.C.
By DAVID LIEBERMAN, Financial Editor | Saturday August 3, 2013 @ 1:06pm EDTTags: The New York Times, The New York Times Company, Tom Werner
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