NY Times threatens to shut down Boston Globe

"The New York Times Co. has threatened to shut the Boston Globe unless the newspaper's unions swiftly agree to $20 million in concessions, union leaders said.

• Executives from the Times Co. and Globe made the demands Thursday morning in an approximately 90- minute meeting with leaders of the newspaper's 13 unions, union officials said.

• The possible concessions include pay cuts, the end of pension contributions by the company and the

• elimination of lifetime job guarantees now enjoyed by some veteran employees,

said Daniel Totten, president of the Boston Newspaper Guild, the Globe's biggest union,...

• The concessions will be negotiated individually with each of the unions, said Totten and Ralph Giallanella, secretary-treasurer of the Teamsters Local 259,....

The Times Co. is seeking concessions from the union because the New York company, which is also suffering from the recession, can no longer subsidize the Globe's losses, said the Globe employee who requested anonymity because the person is not authorized to speak publicly. The Times Co. posted a net loss of $57.8 million in 2008." via the Drudge Report

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