The New York Times Company reached a tentative agreement with the last, and largest of the unions at the Boston Globe, averting a threatened shutdown of the money-losing daily. The Globe reported that negotiators for the Boston Newspaper Guild agreed to a substantial pay cut, unpaid furloughs and modifications to lifetime job guarantees for its members.
The deal was finally struck at 3:00 am Wednesday after more than 10 hours of non-stop negotiations. The Guild, which represents more than 600 editorial, advertising and business office employees, was the last of seven unions to come to terms with the NY Times Co. and save the Globe. As the largest union, it was reportedly being asked to provide $10 million of the $20 million in concessions that the Times Co. had demanded to keep the newspaper operating.
Neither side disclosed details of the deal that was hammered out. The Globe quoted Guild President Daniel Totten as saying that the union would not disclose details until they are presented to its members.