[fjtorres]

http://www.nbcnews.com/business/bost...ion-6C10835491

Sign of the times.

The New York Times Co. says it has agreed to sell The Boston Globe to the principal owner of the Boston Red Sox for $70 million, a massive drop from the record $1.1 billion it paid for it.

Times spokeswoman Eileen Murphy confirms the sale of the Globe and other media properties to businessman John Henry.

The Times bought the Globe in 1993. Newspapers have faced difficulties in recent years as advertisers have moved more ads online.

The Times bought the Globe in 1993 for $1.1 billion from the family of former Globe executive Stephen Taylor.

The newspaper has faced difficulties in recent years as advertisers cut spending on newspapers and moved more ads online. Still, the Globe is a journalistic institution in New England and was lauded for its coverage of the April bombings at the Boston Marathon.