Boston Red Sox owner John Henry has purchased the Boston Globe from the New York Times Company.

Official news of the deal came in the early hours of Saturday morning. The deal was originally reported by longtime sportswriter, and former Globe reporter, Peter Gammons.

Henry's move concludes a process that began in February, when the Times Co. put the paper up for sale. The Times Co. has been selling most of its non-core properties in order to focus solely on its flagship newspaper, but it did not get much for the Globe. Though it was bought for $1.1 billion in 1993, the newspaper business has changed along with the fortunes of the Globe, and Henry purchased it, along with its websites and another smaller newspaper, for a relative pittance of $70 million.

"This is a thriving, dynamic region that needs a strong, sustainable Boston Globe playing an integral role in the community’s long-term future," Henry said in a statement.

Henry was one of several individuals and groups to make a play for the Globe, which, despite its decline, remains one of the most potent media forces in the New England region. Earlier this week, the Globe itself reported that Henry had struck out on his own in a solo bid for the paper.

The sale continues a trend that has seen once-prosperous newspaper conglomerates shed their now-sagging titles by selling them to rich local businessmen. The same, for instance, happened to the Philadelphia Inquirer, and could possibly happen to the Tribune titles that are on the market.

Also on HuffPost:

Loading Slideshow...
  • #25: Atlanta Journal-Constitution

    Total average circulation: 231,094

  • #24: Boston Globe

    Total average circulation: 245,572

  • #23: San Diego Union-Tribune

    Total average circulation: 250,678

  • #22: Las Vegas Review-Journal

    Total average circulation: 252,047

  • #21: Honolulu Star-Advertiser

    Total average circulation: 268,244

  • #20: Arizona Republic

    Total Average Circulation: 293,640

  • #19: Minneapolis Star-Tribune

    Total Average Circulation: 301,345

  • #18: Philadelphia Inquirer

    Total Average Circulation: 306,831

  • #17: Cleveland Plain Dealer

    Total Average Circulation: 311,605

  • #16: Tampa Bay Times

    Total Average Circulation: 340,260

  • #15: Newark Star-Ledger

    Total Average Circulation: 340,778

  • #14: Orange County Register

    Total Average Circulation: 356,165

  • #13: Houston Chronicle

    Total Average Circulation: 360,251

  • #12: Newsday

    Total Average Circulation: 377,744

  • #11: Dallas Morning News

    Total Average Circulation: 409,265

  • #10: Chicago Tribune

    Total Average Circulation: 414,930

  • #9: Denver Post

    Total Average Circulation: 416,676

  • #8: Chicago Sun-Times

    Total Average Circulation: 470,548

  • #7: Washington Post

    Total Average Circulation: 474,767

  • #6: New York Post

    Total Average Circulation: 500,521

  • #5: New York Daily News

    Total Average Circulation: 516,165

  • #4: Los Angeles Times

    Total Average Circulation: 653,868

  • #3: USA Today

    Total Average Circulation: 1,674,306

  • #2: New York Times

    Total Average Circulation: 1,865,318

  • #1: Wall Street Journal

    Total Average Circulation: 2,378,827