Friday, May 1, 2009

As deadline looms, will NY Times Co shut The Globe?

Advertisements for The Boston Globe boast that a single news story can "take you away." But after Friday, the newspaper itself may be taken away and shut down after 137 years of publication.

The New York Times Co, which bought the Globe for $1.1 billion in 1993, threatened at the start of April to shut the money-losing, award-winning broadsheet unless the paper's 13 unions agree by Friday to $20 million in concessions.

As the deadline approaches, the future of one of America's most acclaimed regional newspapers looks unclear, illustrating deepening problems for an industry that has few answers for an accelerating, long-term shift of advertising to the Internet.


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