The New York Times has threatened to close the Boston Globe unless the newspaper's unions quickly agree to $20 million in concessions, the Globe reports.
The Globe, which is owned by The Times, is New England's largest newspaper. But like many other papers nationwide its ad revenues have plunged in recent years and it is now a money-loser.
The possible concessions include pay cuts, the end of pension contributions by the company and the elimination of lifetime job guarantees now enjoyed by some veteran employees, the Globe reported.
The Globe had just slashed 50 newsroom jobs, but management told union leaders the paper will lose $85 million this year unless even bigger cuts are made.
Union leaders, meanwhile, say they're willing to make concessions if management is willing to do the same.
Comments
Tony,
We’re both veterans of Boston journalism, as well as other cities, and know what a hole the closure of the Globe would leave in journalism in Boston, Massachusetts, and New England as a whole. How’s that for a run-on sentence crying for an editor?
Dan