As recently as a decade ago, John Henry didn’t have much to do with the city of Boston. Now, it seems, the futures trading maven may be poised to own two of Beantown’s most cherished institutions: The Boston Red Sox and the Boston Globe.
Henry, who became the majority owner of the Red Sox in 2002, has reportedly held talks with The New York Times Co., which owns the Globe, about buying the newspaper as part of the deal to acquire the Times’ 17.75% in the Sox. The Boston Herald, the Globe’s tabloid rival, reports that the discussions apparently did not go very far when Henry offered to take the money-losing broadsheet “off their hands.”
The Times Co. put its stake in New England Sports Ventures, which owns the Red Sox, their home stadium, Fenway Park and 80% of the NESN regional sports cable television network, in January, but have so far found few bidders. The Times’ stake does not carry voting rights and a buyer must be approved by Henry, further complicating the Gray Lady’s position.
The Times has also threatened to pull the plug on the Globe, New England’s leading newspaper, if it is unable to cut costs substantially. The newspaper lost $50 million last year and could lose up to $85 million this year.
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