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Quick Take: Why John Henry Bought the Globe

NEW YORK (TheStreet) -- John Henry, the owner of Major League Baseball's Boston Red Sox, purchased the Boston Media Group from the New York Times (NYT) last week, and TheStreet's Brittany Umar and TheDeal's Chris Nolter discussed why.

The most prominent part of the Boston Media Group is the The Boston Globe. Henry, who clearly has a stake in the Boston community, scooped up the struggling business in the hopes that he can turn it around.

Nolter said this will be good for the Globe because Henry can actually put his focus on it, whereas it turned into a "disappointing distraction" at the New York Times.

But with declining ad revenue and slumping subscription numbers, what's really in it for Henry? According to Nolter, newspapers, especially those in big cities, are well-known institutions. Other big-name papers have attracted interest from local buyers as well. and Henry likely doesn't want to see a landmark such as the Globe disappear.

Although his Red Sox could become the top sports focus in the paper, Nolter said he doesn't think there will be any antitrust issues -- or that fans will even mind.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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