After over a year of negotiations, The New York Times and the Newspaper Guild of New York finally have a deal in place. According to the Times, the parties have agreed “in concept” to a new five-year contract.

The new deal, according to the Guild, “preserves a defined benefit pension plan, protects the jointly trusteed medical plan, and includes increases in compensation.”

Nothing is final yet, as the deal is subject to changes by Guild members. Martin Scheinman, the mediator who joined the discussions in early October, has asked that no further details be shared, so we’ll have to wait on the nitty-gritty of the contract.

The talks between the Times and the union have been highly stressed at moments, so it’s good to hear that a new deal is almost done.