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BOSTON -- The New York Times Co. says it has agreed to sell The Boston Globe to the principal owner of the Boston Red Sox for $70 million, a massive drop from the record $1.1 billion it paid for it.

Times spokeswoman Eileen Murphy confirms the sale of the Globe and other media properties to businessman John Henry.

The Times bought the Globe in 1993. Newspapers have faced difficulties in recent years as advertisers have moved more ads online.

The Times announced in February it was putting the Globe up for sale. The company's CEO said at the time selling the Globe would help the company focus attention on The New York Times brand.

Henry says the Globe's "award-winning journalism" and "its rich history and tradition of excellence" have established it as one of the most well-respected media companies in the country.