(CNN) -- The New York Times Co. will sell The Boston Globe to sports magnate John W. Henry for $70 million, a fraction of the price it paid for the paper two decades ago. The company paid $1.1 billion for the properties. The impending sale to the owner of the Boston Red Sox is for 6.3% of the price it paid. Both The Times and The Globe reported the deal Saturday. Henry's Fenway Sports Group owns the baseball club, Fenway Park, 80% of a regional sports television network and the giant Liverpool Football Club in England. The sale includes the Telegram & Gazette newspaper of Worcester, Massachusetts.
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New York Times paid $1.1 billion for Boston Globe in 1993, sells for $70 million
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Buyer John W. Henry owns baseball's Boston Red Sox and the Liverpool soccer team
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Sale price reflects newspapers' advertising and reader losses
"This is a thriving, dynamic region that needs a strong, sustainable @placeholder playing an integral role in the community's long-term future," The Globe quoted Henry as saying.
"This is a thriving, dynamic region that needs a strong, sustainable Boston Globe playing an integral role in the community's long-term future," The Globe quoted @placeholder as saying.