The Boston Globe newspaper is being sold for a fraction of what it was worth 20 years ago.
The New York Times company bought it for $US1.1 billion in 1993 but has now agreed to sell it for $US70 million.
Like many newspapers, the Globe has been hit by a slump in advertising revenue with circulation declining.
The buyer is John W Henry, the main owner of the Boston Red Sox baseball team and Liverpool Football Club.
The BBC reports the sale including the website Boston.com, a direct mail marketing company and a another newspaper in Massachusetts.
The Globe had a weekday circulation of more than half a million in the early 1990s, but this has fallen as readers migrated to the internet.
However, the newspaper has reported recent gains, thanks to big increases in digital subscriptions, taking overall weekday circulation to 245,572.
The New York Times company has sought to get rid of assets it sees as non-core. The BBC reports the newspaper plans to expand its global audience and change the name of the International Herald Tribune to the International New York Times.