The New York Times Company and John Henry have agreed to October 15 as the closing date for the sale of The Boston Globe. Henry, the owner of the Boston Red Sox, had his $70 million bid for the Globe accepted by the Times in August.
According to The Boston Business Journal’s sources, Henry is taking his new property quite seriously. Henry and his wife, Linda Pizzuti, have maintained a “near-daily presence” at the Globe since they won the bidding process. Their focus has been on where to move the Globe, as each proposal to purchase Globe included plans to move the paper from its current headquarters to a smaller, less expensive space.
The Globe currently occupies a building on Morrissey Blvd., valued anywhere from $29 million to $71 million. Experts claim that reclassifying the property as residential would probably increase its value above Henry’s $70 million offer for the Globe.