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. Follow @BretKenwell