New York Times Co. Sells Boston Globe

The New York Times Co. has sold The Boston Globe to Boston Red Sox owner John W. Henry for $70 million. The deal marks a big step in the Times Co.’s sale of its noncore assets to focus on its eponymous New York Times brand. It also underscores the deep drop in value that newspapers have seen since the Times Co. bought the Globe for $1.1 billion in 1993, a high water mark for newspaper prices.