John Henry already owned one Boston icon, and now with the purchase of the Boston Globe he’s got two.
The billionaire owner of the Boston Red Sox just completed a $70 million purchase of the famous Boston newspaper, buying it from corporate owner The New York Times. In buying the paper he beat out members of the Taylor family, who initially sold the Globe to the New York Times back in 1996 and were vying to buy it back.
John Henry was able to buy the paper at quite a bargain, considering that the Times initially paid $1.1 billion for the Globe and other local media properties.
In announcing the purchase on Saturday, Henry implied that there will be more developments to come regarding the purchase.
“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.”
John Henry has a net worth of $1.5 billion, according to research from Forbes magazine. His portfolio includes the Boston Red Sox, Liverpool soccer club, and Rousch Fenway Racing. His media purchase follows a path cut by fellow billionaire Warren Buffet, who has bought more than 60 newspapers in the past two years.
Henry’s purchase of the Boston Globe could make for an interesting partnership considering his disdain of the paper in the past. Like many sports owners, he’s had gripes about local news media, and the Globe in particular.
As the Red Sox ended the 2011 season with an epic collapse that saw them fail to make the playoffs, the Globe published intimate details from the locker room, including reports about manager Terry Francona’s failing marriage and use of painkillers.
Shortly after the season ended, John Henry said in a radio interview that it was “reprehensible” for the Boston Globe to report on such personal details. Now he’ll get the chance to tell them personally.