On Wendesday, the Boston Globe announced that it has agreed to sell the Worcester Telegram & Gazette to Florida-based Halifax Media Group. The terms of the deal, along with the closing date of the transaction, remain undisclosed.
Located in Daytona Beach, Fla., Halifax Media Group owns a bevy of publications throughout the south in the likes of Florida, Alabama, Louisiana, North Carolina and South Carolina. The Boston Globe wrote Wednesday that Halifax is “relatively new to the newspaper business.” Buying the T&G marks Halifax’s first foray into the Northeast.
“The Telegram & Gazette is an essential part of Central Massachusetts, and Halifax recognizes that,” said Mike Sheehan, chief executive of the Globe in a statement. “They understand the Worcester market and bring the passion and commitment needed to preserve the T&G’s traditions and build for the future.”
Under the leadership of new owner John Henry, also principal owner of the Boston Red Sox, Boston Globe Media Partners properties have been evolving. Henry tapped himself to be the Globe‘s publisher and Sheehan, former Hill Holliday advertising executive, as CEO.
Henry has also made it abundantly clear that the Globe is moving out of its headquarters on Morrissey Boulevard, which straddles the South Boston and Dorchester line, though he has yet to indicate where he intends to relocate.
The Globe‘s online affiliate, Boston.com, has also undergone a recent makeover strikingly similar to that of BostInno’s. The sale of the T&G, however, comes as no surprise, though, as Henry announced he planned on selling the Worcester publication upon buying the Globe.
According to the Telegram & Gazette, analysts predict the value of the T&G to range anywhere from $7 million to $15 million. The T&G also noted that when it was bought by the New York Times Co., it sold for $296 million. Henry bought both the Globe and the T&G from the Times Co. for a cool $70 million combined.
“From the time we learned the T&G was for sale we were interested,” said Michael Redding, CEO of Halifax Media Group in a statement. “The T&G is an excellent local newspaper with a dedicated and talented staff. In 2012, we acquired the Regional Media Group newspapers of the New York Times, so the T&G will be aligned again with their former New York Times papers and will join the outstanding teams at Halifax. We look forward to the upcoming closing of the transaction.”
