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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: NY Times threatens to close Boston Globe AFP - Sunday, April 5 WASHINGTON (AFP) - - The New York Times Co. has threatened to shut down the Boston Globe unless unions at the money-losing daily agree to pay cuts and other cost-saving measures, the newspapers reported. ADVERTISEMENT The Times, citing a "person briefed on the talks," said the Times Co. was seeking 20 million dollars in savings at the Globe, which was purchased by the Times Co. for 1.1 billion dollars in 1993. The Globe reported that Times Co. executives had met with union leaders at the Boston newspaper on Thursday and demanded concessions such as pay cuts, an end to pension contributions and the elimination of lifetime job guarantees. Daniel Totten, president of the Boston Newspaper Guild, the biggest union at the Globe, was quoted as saying the Times Co. wanted the concessions within 30 days or the prize-winning daily would be shut down. "We all know the newspaper industry is going through great transition and loss," said another union leader, Ralph Giallanella. "The ad revenues have fallen off the cliff. Just based on everything that's going on around the country, they're serious." The Globe, which has already undergone a series of deep layoffs, quoted an unnamed employee as saying the newspaper lost 50 million dollars last year and is on track to lose 85 million dollars this year without the cost cuts. Like other US newspapers, the Times and the Globe have been grappling with a steep drop in print advertising revenue, steadily declining circulation and the migration of readers to free news online. The New York Times last week announced plans to slash the pay of most employees by five percent for nine months and to lay off 100 people. It said the pay cuts would be in effect from April to December and would apply to staff at the Globe in addition to the flagship New York Times. The Times Co. also recently completed a sale-leaseback deal for part of its Manhattan headquarters in a move aimed at raising cash to pay down its debt. In another move, the Times Co., whose net profit fell 47 percent in the fourth quarter, suspended its dividend for the first time since it went public. Two newspapers -- the Rocky Mountain News of Denver, Colorado, and the Seattle Post-Intelligencer -- have shut down in recent weeks and Hearst Corp. has threatened to shut down another major daily, the San Francisco Chronicle, unless unions agree to significant job cuts. Several other US newspaper companies, including the Tribune Co., owner of the Chicago Tribune, Los Angeles Times and other newspapers, have filed for bankruptcy protection. With a weekday circulation of more than 320,000, the Boston Globe is the 14th largest newspaper in the United States. It began publishing in 1872. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Related Articles: Internet Portals & Search Engines NY Times threatens to close Boston GlobeAFP - Sunday, April 5 New LIFE photos from day of King assassination go onlineAFP - Saturday, April 4 Twitter co-founder wants to build 'independent' companyAFP - Saturday, April 4 US-TECH SummaryReuters - Saturday, April 4 Related Articles: Technology NY Times threatens to close Boston GlobeAFP - Sunday, April 5 Economic crisis drives the mothers of inventionAFP - Saturday, April 4 New LIFE photos from day of King assassination go onlineAFP - Saturday, April 4 Twitter co-founder wants to build 'independent' companyAFP - Saturday, April 4 US-TECH SummaryReuters - Saturday, April 4 Enlarge Photo The New York Times Co. has threatened to shut down the Boston Globe unless unions at the money-losing daily agree to pay cuts and other cost-saving measures, the newspapers reported. Related Photos Slideshow Full Photo Coverage: Internet Portals & Search Engines Related Full Coverage Internet Portals & Search Engines Latest development in the online world All Full Coverage Most Popular – Technology Viewed Explosives chemical found in US baby formula Journalists get shock with 'sexy' White House call Global warming leaving its mark on polar bears Arctic may be ice-free in 30 years: study Guantanamo 'soooo beautiful!' Miss Universe says View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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