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Posts Tagged ‘concessions’

Boston Globe Union Rejects Cuts

globe.pngLast night, The Boston Globe‘s largest union, the Boston Newspaper Guild, rejected $10 million in wage and benefit cuts proposed by the paper’s owner, The New York Times Co.

The guild, which represents nearly 700 editorial, advertising, and business office workers, voted 277 to 265 to reject the Times Co.’s contract offer, according to boston.com. As a result, the Globe‘s owner said it would impose a 23 percent pay cut, which is set to go into effect next week.

In response, the guild has promised members that it will file unfair labor practice charges with the National Labor Relations Board and seek a court order barring the Times Co.’s from implementing the cuts, boston.com reported. The guild is the only one of four Globe unions to reject the Times Co.’s proposed offer.

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J.P. Morgan Analyst Gives Boston Globe Hope

boston globe.pngBeleaguered newspaper The Boston Globe had a hopeful story today about the possibility of its survival.

According to the paper, J.P. Morgan analyst Alexia Quadrani has said that the Globe‘s owner, the New York Times Co., appears to be committed to the Boston paper “long term.”

Last month, the Times Co. threatened to close the Globe if its unions did not agree to $20 million in budget cuts. Many have suspected that the cuts — currently being mulled by union members — were leading up to a potential sale.

But in a research report sent to investors Wednesday Quadrani said Times Co. brass had indicated that the Globe was an important asset.

“Management did not indicate the time frame needed to turn around the profitability of The Boston Globe and did highlight that this property has been hit much harder than some of its other properties due to its larger exposure to classified revenues,” Quadrani said, according to the Globe. “But it did make clear that it views the Globe and other New England assets as important to the company, so we don’t expect an attempted divestiture anytime soon.”

It may only be one person’s (well-informed) decision, but we bet Globe staffers and readers are breathing a sigh of relief today.