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4/3/09

BREAKING: NYT Co. Threatens To Close Boston Globe

The owner of the Boston Globe is threatening to shut it down if significant cost savings can’t be made.

Without major concessions from labor unions, the New York Times says it may close the Boston Globe. Two newsroom sources tell WBUR the threat came in a meeting this week between representatives of Globe unions and managers of the New York Times Company.

The Times paid more than $1 billion for the Globe in 1993. Now the Globe is believed to be losing $1 million a week.

Sources say to save the paper, the Times is asking for concessions that would produce millions of dollars in annual savings. That’s on top of savings from the buyouts and layoffs of 50 employees in recent days. The Globe has had several other buyouts in recent years and now has about 330 newsroom employees.

Globe management had no comment.

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