The principal owner of the fabled Boston Red Sox, business tycoon John Henry, had entered into an agreement to purchase The Boston Globe for the price tag of US$70 million. This price is a bargain basement discount over the record purchase amount of US$1.1 billion just twenty years ago.

According to a statement made by the Boston Globe, the pending purchase from its former owner The New York Times Co is 'the first foray into the financially unsettled world of the news media.' Aside from the 141 year old newspaper, Henry would be receiving in the sale the paper's websites and other affiliate companies.

Back in February, The NY Times had announced that it was putting the Globe up for sale. The sale, which included other related assets to the paper, comes after a previous attempt to sell the company. 

The original name of the company is the New England Media Group. The said sale is an all cash transaction and is expected to be completed between the next thrity to sixty days. The package includes internet properties the BostonGlobe.com, Boston.com,. Telegram.com, the Worcester Telegram & Gazette, Globe Direct, a direct mail marketing company and nearly half of Metro Boston.