NY Times threatens to close Boston Globe
05-04-2009
The New York Times has threatened to shut down the Boston Globe unless unions at the money-losing daily agree to pay cuts and other cost-saving measures, the newspapers reported.
The Times, citing a "person briefed on the talks," said the Times was seeking US$20 million in savings at the Globe, which was purchased by the Times for $1.1 billion in 1993.
The Globe reported that Times executives had met with union leaders at the Boston newspaper on Thursday and demanded concessions such as pay cuts, an end to pension contributions and the elimination of lifetime job guarantees.
