(CNN) -- The New York Times Co. will sell The Boston Globe to sports magnate John W. Henry for $70 million, a fraction of the price it paid for the paper two decades ago.
The company paid $1.1 billion for the properties. The impending sale to the owner of the Boston Red Sox is for 6.3% of the price it paid.
Both The Times and The Globe reported the deal Saturday.
Henry's Fenway Sports Group owns the baseball club, Fenway Park, 80% of a regional sports television network and the giant Liverpool Football Club in England.
The sale includes the Telegram & Gazette newspaper of Worcester, Massachusetts.
As advertising losses and new reader habits afflicted newspapers nationwide, The Times began looking to shed The Globe and even threatened to close the paper in 2009 amid disputes with unions.
Henry said he would disclose details about his plans for the newspapers soon, The Globe said.
"This is a thriving, dynamic region that needs a strong, sustainable Boston Globe playing an integral role in the community's long-term future," The Globe quoted Henry as saying.