Vincent Farnsworth 4:30 p.m., March 15
Boston Globe Union Rejects Cuts; Owner NY Times to Slash Unilaterally
A classic battle that may play a role in the future of daily newspapers took place today (June 8). The Boston Globe's Guild members voted 277-265 to turn down a package of concessions, including an 8.4% pay cut, unpaid furloughs and other slashes. The New York Times, owner of the Globe, says it will unilaterally slash wages by 23%. Employees vow to fight the move. Management says the Globe had $50 million in operating losses last year and is headed for $85 million in red ink this year. The Times has threatened to close down the 137-year-old paper if it can't achieve cuts. Advertising and circulation have dropped around 33% in the last five years.