NYT to Close Bosten Globe
The New York Times Company has threatened to close The Boston Globe unless labor unions concessions; http://tr.im/ieU2
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Gerrit Eicker
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Gerrit Eicker 08:39 on 4. April 2009 Permalink |
NYT: “The company is looking for $20 million in savings from The Globe, which has already gone through several rounds of deep cost-cutting and staff reductions. The company does not report figures by newspaper, but executives have acknowledged that the Globe lost tens of millions of dollars last year.”
pC: “Daniel Totten, president of the Boston Newspaper Guild, told the paper the suggested concessions, to be negotiated separately with each union, include pay cuts, an end to company pension contributions and the elimination of the lifetime job guarantee for some veteran employees. The Guild represents more than 700 employees across the newsroom and the business side of the paper. – NYTCo acquired the Globe and various assets for $1.1 billion in 1993, and as the NYT notes, it was lucrative for many years. But New England’s economy started contracting even before the national recession; that plus the changes in classified advertising and other issues made the Globe the NYTCo’s canary in the coal mine.”