Owner of the oldest in New England newspapers The Boston Globe New York Times Company reached an agreement on the reduction in staff costs from the last of seven unions, representing about 600 workers from the 1400 edition. Previously, it was reported that if the parties fail to agree, edition of 137-year history would have to close down, reports Reuters.
Negotiations between the owner and the union lasted more than one a month. The newspaper ended 2008 with losses of 50 million dollars. This has forced owners to insist on cutting costs. However, unions have taken an uncompromising stance. The last round of negotiations between trade unions and members of the New York Times lasted 10 hours.
Details of agreements are not disclosed, but it is known that the unions agreed to lower wages, unpaid leave and revision of agreements on the employment of life, which involved about 190 staff newspaper.
The Agency explained that the company New York Times, on the basis of 2008 reported on debt 1.1 billion, and the first quarter 2009 net loss amounted to 74.5 million dollars.
Circulation of the American print media and advertising revenue of newspapers has been steadily declining for the last few years. But with the beginning of the financial crisis took avalanche-like process in nature. On the falling circulation and advertising revenue had the most popular and authoritative newspapers.