The New York Times Company has decided that it will not, after all, sell The Boston Globe, a development that comes several months after Times Co. had initially threatened to close the newspaper for financial reasons. The decision follows a period in which Times Co. was not able to attract any suitable bids.
Company chairman Arthur Sulzberger Jr. has stated that the Times Co. will also not have to sell the Globe because the newspaper’s financial situation has improved to the point where selling it to save money is no longer as imperative as it was before. Executives of the company …read more

The New York Times Company had originally intended to sell the Boston Globe newspaper company because of its financial struggles, but now the situation has turned around for The Boston Globe. However, Times Co. still plans to sell the newspaper, despite the fact that it could continue running the newspaper.
According to Times Co. executives, the process of selecting a buyer will not only depend on price, but also on how well the executives think that the new owner would be able to run the newspaper. Times Co. broke the news to several hundred Globe employees during two close hour-long sessions.
This …read more

After a lot of back and forth, the Boston Globe union and The New York Times Co. have agreed on a new contract that will save the newspaper approximately $10 million. Without the $10 million in savings, The New York Times Co. was threatening to eventually shutdown the Boston Globe.
The new contract will reportedly institute a 6% salary cut and includes other points including frozen pensions, a health care cut and the ending of job guarantees. The final union vote was 366-179 in favor of the new contract.
Dan Totten, the union’s president, stressed that the union will support the decision.
Said …read more

The fears that the Boston Globe might have to shut down due to labor disagreements seem to almost be a worry of the past. According to both the Boston Globe and the newspaper’s largest union, a tentative agreement has been reached.
Over the course of the negotiations, the Boston Globe has been demanding $10 million worth of cuts in pay and benefits. In this tentative agreement between the two sides, it appears as if that $10 million goal has been accomplished.
While complete terms of the tentative agreement have yet to be made public, certain terms have started to leak out. According …read more

The negotiations between The Boston Globe and its union will continue. The negotiations have taken a lot of twists and turns in recent weeks but now the two sides are going to meet back at the table on Monday. Earlier in the month of June, the union narrowly defeated a contract that would have ended the negotiations.
The basis of these talks is the newspaper wanting to cut $10 million from the salaries and benefits it is paying out to union workers. With the newspaper industry in turmoil, The Boston Globe says that they need these concessions to stay afloat and …read more

With the newspaper industry in the United States in shambles, many newspapers have been forced to shut down. Other newspapers have agreed on cost-cutting measures with their unions to keep the newspapers in business. However, the management of the Boston Globe and the newspaper’s union have failed to come to an agreement.
Recently, the union for the Boston Globe voted on a proposal from the newspaper to cut pay and benefits. And though the vote was close, the union ultimately voted to reject the proposal.
After the union’s rejection, the response from the newspaper’s management was to cut pay 23% across the …read more

Because of the economic crisis, many companies find that cutting operating costs is the only feasible way to stay profitable. When the New York Times Co. decided to lower its operating costs, the Boston Globe, which it owns, was forced to either accept pay cuts or risk the discontinuation of the newspaper.
 
Now, the Boston Globe’s largest union, which just yesterday voted against a significant 23 percent wage and benefit cut, will be fighting back against the cuts. The union, Boston Newspapers Guild, filed a complaint with federal officials and has encouraged the Globe and the New York Times to continue …read more

Faced with a choice between a potential shutdown of the delivery wing of the Boston Globe and $2.5 million in wage and benefit cuts, the drivers’ union has chosen the latter. According to the Boston Globe’s owner, the New York Times Co., the wage and benefit cuts are necessary for the continued operation of the paper.
The vote to ratify the new concessions was close: 89 voted in favor while 69 voted against it. This development is especially painful for the union, considering that just six months ago it accepted another $2.5 million worth of wage and benefit cuts. According to …read more

Sunday could be the last day of the Boston Globe if The New York Times Company doesn’t get its wish. According to multiple reports, the Times Co. wants approximately $20 million in concessions from the Boston Newspaper Guild — the Boston Globe’s biggest union.
The two sides are expected to haggle all day Sunday. If by Sunday night there is no deal, the Times Co. has said they are willing to shut down the newspaper.
The Boston Globe is just the latest newspaper in the United States to come close to death. Many have already died and there are a number of …read more

Billionaire Warren Buffett recently said that the newspaper industry could face the reality of “nearly unending losses” during the annual shareholders meeting for Berkshire Hathaway. While his company owns a few newspapers, his comments paint the picture that he doesn’t see any type of short-term or even long-term turnaround.
The newspaper industry is facing a number of problems. First of all, the national economic woes has companies spending less on advertising, which means less money for newspaper advertising. Secondly, people around the country are opting to save money by canceling their newspaper subscriptions. Next, many other people have turned to the …read more