The New York Times Co. and the Boston Globe's largest union reached a tentative deal early today that would avert a threatened shutdown of the paper.
But as part of the deal members of the Boston Newspaper Guild agreed to a hefty pay cut, unpaid furloughs and changes to lifetime job guarantee provisions that protect some 200 employees, sources familiar with the deal told the Globe.
The deal came after the Times Co., which owns the Globe, threatened to close the paper unless cost-cutting concessions were made. The Globe is on track to lose $85 million this year.
But the concessions probably aren't enough to put the paper, New England's largest daily, back in the black, and more job cuts are expected.
The Boston Newspaper Guild was the last of seven unions involved in contract talks and accounted for half of the $20 million in concessions the Times Co. wanted.
Comments