New York Times closes sale of Boston Globe

Reuters

Oct 24 (Reuters) - The New York Times Co said onThursday it had closed the sale of The Boston Globe to BostonRed Sox owner John Henry after a Massachusetts judge lifted atemporary injunction halting the deal.

Henry agreed to buy the Globe and its sister newspaper, theWorcester Telegram & Gazette, for $70 million, a fraction of theprice the New York Times paid for the papers 20 years ago.

A Massachusetts judge halted the close of the sale becauseit could complicate a pending class-action lawsuit against theTelegram & Gazette filed by the newspapercarriers.

According to a report in The New York Times, the judge saidthe deal could move forward because the Times said how much eachasset was worth and agreed to place that amount in escrow.

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