BALLING! John Henry Had A Hammer
Boston Herald reports Red Sox Owner and Boston Globe owner John Henry plans to sell the Boston Globe land & building. When Henry bought the Globe he paid $70 million for the building and land. The land itself was valued at $38 million and he got it at the bargain tax assessed value rate as part of the bundle deal to purchase the struggling paper. Now as Henry plans to sell the building and land, real estate experts are expecting him to make $75 million from the sale. For the mathematically challenged that is a $5 million dollar windfall for Mr. Henry who plans to move the Boston Globe into fancy new digs somewhere as he stated “In the heart of Boston.”
This is major news in media and especially significant in this “two newspaper” town. The Blackstonian guesses the Globe’s new digs will likely be in the Innovation District or perhaps even… FENWAY.
Check the article here:
http://bostonherald.com/business/media_marketing/2014/02/john_henry_to_sell_globe_hq
