Billionaire sports team owner and financier John Henry, who helped the Boston Red Sox capture the World Series in 2004 and 2007 after an 86-year drought, will attempt another comeback with Boston’s hometown newspaper.

Henry agreed to buy the Boston Globe from New York Times Co. for $70 million in cash, according to a statement last week. The price is a fraction of the $1.1 billion the Times Co. paid for the Globe in 1993 before the newspaper lost half of its circulation amid an industrywide advertising slump.

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