New York Times closes sale of Boston Globe
(Reuters) - The New York Times Co said on Thursday it had closed the sale of The Boston Globe to Boston Red Sox owner John Henry after a Massachusetts judge lifted a temporary injunction halting the deal.
Henry agreed to buy the Globe and its sister newspaper, the Worcester Telegram & Gazette, for $70 million, a fraction of the price the New York Times paid for the papers 20 years ago.
A Massachusetts judge halted the close of the sale because it could complicate a pending class-action lawsuit against the Telegram & Gazette filed by the newspaper carriers.
According to a report in The New York Times, the judge said the deal could move forward because the Times said how much each asset was worth and agreed to place that amount in escrow.
(Reporting by Jennifer Saba in New York, editing by G Crosse)
NEW YORK - U.S. stocks edged modestly lower on Monday, and the S&P 500 held near record highs, as investors largely shrugged off unexpectedly weak data in China. | Video
- U.S. small businesses borrowed more money in January than they did a year earlier, signaling continued growth in the economy despite a spate of cold weather that has been blamed for weakness in many other indicators of activity.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.