The New York Times Company said on Saturday that it had agreed to sell The Boston Globe and its other New England media properties to Red Sox principal owner John Henry. Henry will be the first local owner of the Globe in 20 years.

As for the price? According to Times spokeswoman Eileen Murphy, it's $70 million - cash. Much less than the $1.1 billion the Times paid for the paper in 1993.

Do you think this a good play for Henry? Let us know in the comments...

PHOTO: AFP/Getty Images

SOURCE: The New York Times, The New York Times Company Sells Boston Globe, Christine Haughney, August 3, 2013