Boston Globe newspaper sells for fraction of buying price (BBC) [View all]
The Boston Globe, one of the most prestigious US newspapers, is being sold for a fraction of what it was worth 20 years ago.
The New York Times company bought it for $1.1bn (£700m) in 1993 but has now agreed to sell it for $70m.
Like many US newspapers, the Globe has been hit by a slump in advertising revenue with circulation declining.
The buyer is John W Henry, the main owner of the Boston Red Sox baseball team and Liverpool Football Club.
In a statement in the Globe, Mr Henry praised the paper's journalistic pedigree: "The Boston Globe's award-winning journalism as well as its rich history and tradition of excellence have established it as one of the most well-respected media companies in the country."
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more: http://www.bbc.co.uk/news/world-us-canada-23559329
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