The Boston Globe is set to cut bonuses for more than 200 executives and managers, including publisher P. Steven Ainsley, in an attempt to further cut costs as the New York Times Company threatens to sell or close the paper, according to Boston.com.

Further, the newspaper will withdraw the 10 extra days off offered as part of a 5 percent pay cut. The cut will, however, remain until December.

The New York Times Co., has asked for a $20 million sacrifice from the 13 unions, threatening that the alternative is to close the newspaper. The union in turn criticised the boardroom for taking 2008 bonuses and asked executives to set the standard for newspaper saving cuts, Boston.com reported.

Publisher Ainsley received a 2008 bonus of $113,000. This was a more than 50 percent cut from $314,000 received in 2007. Managers at the Times Co. and its second New England based paper, the Worcester Telegram & Gazette, will still receive their 2009 bonuses.

Yesterday also marked the opening of negotiations between Times Co. and the largest union serving the Globe, the Boston Newspaper Guild. The Guild acts on behalf of about 700 editorial, advertising, and business office employees.

The union is willing to negotiate wage and benefit based concessions but will not discuss the concessions indirectly related to cost cutting measures, Boston.com reported. These are company based proposals involving the removal of lifetime job guarantees and the termination of seniority based redundancy rules.