The tortured New York Times and unions at the Boston Globe are extending a deadline to cut $20 million in expenses from the paper, which is on pace to lose $85 million this year.
That’s not bad news for the Times. If management and the unions can slash enough costs, the paper might actually be attractive to a real buyer, and not have to be tossed in like a player to be named later for whomever steps up to buy the Times’ stake in the Boston Red Sox.
Whether $20 million is enough to make it attractive is the prevailing question.
The negotiations reportedly had been productive but some cuts included were for 80 staffers who had already been laid-off by the paper, leading to the extension being pushed back to Sunday from Friday. The Newspaper Guild has been asked to come up with $10 million of the overall cuts in the Globe’s operation.
“We have given the New York Times Co. and Globe management proposals for deep cuts in our members’ pay and benefits that we believe will save The Boston Globe,” Daniel Totten, Guild president, said in a statement. “We are awaiting the company’s response.”
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