New York Times does not plan to close Boston Globe

[Old Coot]

Source: Reuters

NEW YORK, June 9 (Reuters) - The New York Times Co (NYT.N) said on Tuesday that it does not plan to close The Boston Globe, a day after its largest union rejected a $10 million package of concessions aimed at cutting costs at the 137-year-old newspaper.

The Boston Newspaper Guild narrowly rejected the concessions, which include an 8.4 percent pay cut, elimination of some benefits and furloughs, on Monday evening.

In response, the Times said that it would cut guild members' pay by 23 percent to get the savings that it needs.

The $10 million is part of a $20 million package of cost cuts that the Times wrested from several unions at the paper. The Times said the 23 percent pay cut would account for the newspaper guild's cuts after the union rejected the package.

Read more: http://www.reuters.com/article/mergersNews/idUSN0913131320090609

[MADem]

1. Naaah, they just plan to pay 'em seventy seven cents on the dollar for doing the same job! nt

[Old and In the Way]

2. Sad to see the Boston Globe being done in by the Times.

It was a great paper to read in the 70's. Just about what TPM/C&L/FDL/dKos/DU/HuffPo is to us today. Too bad the drive for corporate profits destroyed the newspaper industry. There was a time when advertising supported journalism. Today, I think it's bass-ackwards.