The John Henry era will soon begin at The Boston Globe — though not as early as originally hoped — as the broadsheet prepares to end two decades under the control of its out-of-town overlords.
A source close to the deal told the Herald yesterday that finalizing the purchase and executing the formal transfer of the newspaper from the Times to the Red Sox owner — which had been expected to happen sometime over the weekend — likely won't take place until next week at the earliest.
Both the Globe and a rep for Henry declined comment yesterday, and a Times spokeswoman did not return calls or emails.
Henry announced in August he was buying the New England Media Group — which includes the Globe, Boston.com, the Worcester Telegram & Gazette and related properties — for $70 million.
Since then, Henry has remained tight-lipped publicly about his long-term plans for the paper — including whether he will sell the Morrissey Boulevard building or cut staff. That silence has left Globe staffers on tenterhooks, said Alan Mutter, a former newspaper editor and an adjunct professor at the University of California at Berkeley.
"In the newsroom and elsewhere in the building, everyone's wondering what's going to happen next," said Mutter. "Their number-one primary concern is will they have a job ... There are all sorts of ways you can restructure the business and cut costs."
Had the deal occurred over the weekend, Henry could have been in the unusual position of printing the first edition of his new Globe reflecting the outcome of tomorrow's potential ALCS-clinching Red Sox game.
Meanwhile, analysts said it was long overdue for the Times to unload its local newspaper portfolio.
"They get (to get) rid of what they believe is a losing business," said analyst Ed Atorino of The Benchmark Company. "A lot of newspapers are struggling. In a way, there are so many problems at the Times, it probably became a distraction."
Said Mutter: "The New York Times clearly decided to sever everything that could be a distraction to the main brand. What they're getting is not so much money, but peace of mind — they don't have to worry about The Boston Globe anymore."
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