WAN-IFRA

Shaping the Future of the Newspaper

Date

Mon - 24.11.2014


New York Times Co.

The Boston Globe has reached a "tentative" deal after month of talks with its largest union, Reuters reported.

The Boston Newspaper Guild is said to have agreed to a deal which includes a 5.94 percent pay cut and changes to contract that would affect job security. The concessions were negotiated down from the Globe's originally proposed sweeping 23 percent pay cut for all employees.

Guild members will vote on the new agreement on July 20. If the union accepts the deal, it could aid the paper's parent company, The New York Times Co., in the expected sale of the Boston Globe.

Author

Leah McBride Mensching

Date

2009-06-24 12:49

Three Boston businessmen have been said to be interested in the purchase of the Boston Globe, Boston.com reported Thursday.

Just one day after owner The New York Times Co. hired Goldman Sachs, to oversee the potential sale of the paper, sources close to group told the Boston Globe that Stephen Pagliuca, a Boston Celtics co-owner; Jack Connors, co-founder of a major advertising firm and chairman of Partners HealthCare; and Stephen Taylor, former Globe executive and part of the family that owned the Globe before the Times Co. bought it in 1993, are all potential buyers of the newspaper.

The anonymous sources said each group is reviewing the financial situation of the Globe and looking for investors to help finance the purchase.

The Washington Post also announced another potential buyer, Boston-based Intercontinental Real Estate Corp., in an article on Thursday. The company confirmed its interest in the paper to The Post, saying the Globe "fits its investment profile and that is has been pursuing a purchase for about 10 weeks."

The investment management company added that it, "is interested in any good investment that offers superior returns for our investors, as well as opportunities for job preservation, and even job growth, for our union investors."

Author

Leah McBride Mensching

Date

2009-06-12 13:54

Following a rejection by the Boston Globe's largest union of the concessions proposed by parent company The New York Times Co., reports are circulating that the Boston paper may be up for sale, NECN.com reported.

The Globe published an article declaring its parent company's intention to sell the paper in order to make up for losses linked to the unprofitable title. The paper has also reported that Goldman Sachs is working with the Times Co. to broker the sale if a buyer is found.

When asked to comment on the future of the Boston paper, money manager John Morris seemed optimistic, saying, "The Boston Globe is really one of those marquee brands" adding that not only could the paper's long tradition of publishing be attractive to potential buyers, but also the fact that "they also have Boston.com, which has some value as well," according to NECN.

Author

Leah McBride Mensching

Date

2009-06-11 09:48

The Boston Globe's largest union on Monday rejected the proposed US$10 million wage and benefit cuts proffered by owner New York Times Co., which later announced, as a consequence of the failed negotiations, a 23 percent pay cut for all Guild union members beginning next week, Boston.com, the Globe's Web site, reported Monday.

The pay cut could quickly transfer the disagreement to the National Labor Relations Board and federal courts. The Boston Newspaper Guild, representative of almost 700 editorial, advertising, and business office staff, said it would file for unfair labor practice and hope to block the pay cut with a court order.

Globe management expressed disappointment in the vote, stressing the company could not avoid the extensive cost savings sought from the newspaper's largest union.

"As we have stated, the $10 million in cost savings from this multifaceted proposal is essential to The Boston Globe's financial future," Globe spokesman Robert Powers said, according to Boston.com. "We regret having to take this action, but have no financially viable alternative."

Author

Leah McBride Mensching

Date

2009-06-09 17:24

The Boston Newspapers Guild will vote on a proposed 10 percent wage cut on June 8, the union announced yesterday, the Boston Globe reported. The concessions will also include the loss of lifetime job guarantees for some staff and substantial benefit reduction for union members.

The concessions will affect more than 600 members of editorial, advertising and business staff at the newspaper's largest union and total $10 million. The other unions representing Globe staff are yet to choose dates to vote on similar concessions.

The proposal was proffered more than two months after owner The New York Times Co., threatened to close the paper unless $20 million in cuts could be found.

The company's most recent threat is a 23 percent pay cut for all Guild employees if the proposal is not ratified. Union leaders said they will pursue such a move with legal action.

Author

Leah McBride Mensching

Date

2009-05-13 21:17

Members of the Boston Newspaper Guild, the Boston Globe's largest union, will receive more information tonight on the agreement made with parent company the New York Times Co. to cut US$10 million, the Boston Globe reported today. The tentative deal will create savings by making "deep wage cuts, freeze pensions for many employees, and essentially eliminate the lifetime job guarantees held by veteran employees," the article stated. Guild members will vote on the Times Co.'s offer in what is expected to be "a difficult ratification process."

The agreement to present the company's final offer to union members for a vote was reached on early Wednesday morning. If passed, it will yield half the $20 million in savings required by the Times Co. to allow the paper to remain open. A majority of the cuts were directed toward the Guild because it is the largest of the Globe's seven unions, representing 600 newsroom employees. The Globe was encouraged to grant these concessions under threat of closure, Market Watch reported.

Author

Leah McBride Mensching

Date

2009-05-07 13:15

The Boston Globe's largest union and the New York Times Co. have reached a "tentative deal" Reuters reported today. The Boston Newspaper Guild's Web site reports that talks led to a potential deal at just after 3 a.m this morning.

The Newspaper Guild is among the Globe's biggest unions and the only one of the seven unions to have not agreed on cutbacks. The Times Co. is asking for US$20 million in savings, half from the Newspaper Guild.

Author

Leah McBride Mensching

Date

2009-05-06 12:50

The New York Times Co. did not follow through with threats to notify federal authorities of plans to close the Boston Globe, as an agreement has been reached with six of the Globe's seven unions. The Times Co. and the Boston Newspaper Guild will begin negotiating once more, but no time has been set for an agreement, the Washington Post reported today. The Times Co. is asking for US$20 million in savings, half from the Newspaper Guild.

At just before midnight last night, the original deadline, the Times Co. announced it would file the 60-day shutdown plan, under the federal Worker Adjustment and Retraining Notification law. However, union negotiations went on until 8 a.m. today, when most of the unions reached deals.
The concessions would come primarily from the Newspaper Guild at $10 million, as it is the paper's largest union, representing 600 newsroom employees. Mailers are being asked to give up $5 million, drivers $2.5 million and the pressmen $2.2 million. The company has also sought to eliminate job security measures for staff, removing seniority based redundancy rules and lifetime job guarantees, according to the Washington Post.

Negotiation were recently strained when a Times Co. accounting error was uncovered, requiring an additional $4 million in concessions from the Newspaper Guild.

Author

Leah McBride Mensching

Date

2009-05-04 15:10

Several Boston business moguls have been approached regarding the purchase of the Boston Globe; however, little interest has been received by the struggling paper, the Boston Herald reported on Tuesday.

Globe owner the New York Times Co. said it expects the Globe register a loss of around US$85 million this year on top of $50 million loss in 2008. The Times Co. has threatened the newspaper with sale unless it can get $20 million in concessions from its unions before the end of this week.

Herb Chambers, a local auto businessman, told the Boston Herald he was offered the opportunity to buy the Globe but turned down the offer. "If we were still big advertisers in the Globe, maybe it would make sense, but it would be an expensive proposition. I really don't have any interest."

John Fish, the head of Suffolk Construction, said business leaders in Boston have discussed "whether someone would step in and buy it." Fish told the Boston Herald that although he hopes the paper will find a local buyer, it will not be him.

Robert Kraft, owner of NFL team the New England Patriots, was offered up as a potential purchaser but was said to be uninterested after a Kraft family source revealed he "kicked the tires and ran away," according to the Boston Herald.

The Times Co. originally bought the Globe in 1993 for $1.1 billion and valued it at around $600 million a couple of years ago. The current price tag is at about $130 million.

Author

Leah McBride Mensching

Date

2009-04-28 13:29

The Boston Globe has announced it will raise its newsstand prices from 75 cents to $1 in the Boston area and from $1 to $1.50 outside the city, The Associated Press reported.

The cost of the Sunday Globe will rise from $2.50 to $3.50 in the metropolitan area and to $4.00 elsewhere. Fees for home delivery will reportedly remain unchanged. The price hikes are in response to The New York Times Co.'s mandate that the publication's union concede to $20 million in cutbacks and savings. The Times Co. bought the New England Media Group, of which the Globe was the top publication, for $1.1 billion in 1993.

Author

Leah McBride Mensching

Date

2009-04-08 11:52

Syndicate content

© 2014 WAN-IFRA - World Association of Newspapers and News Publishers

Footer Navigation