Wednesday, May 6, 2009

Boston Globe union, NY Times reach accord

The Boston Globe's biggest union reached a tentative accord early on Wednesday with owner New York Times Co (NYT.N) to secure the money-losing newspaper's survival after a month of intense negotiations.

The Boston Newspaper Guild, the lone hold-out of seven unions on a cost-cutting deal, agreed to a substantial pay cut, unpaid furloughs and changes in lifetime job guarantee provisions, the Globe reported on its website.

The agreement came shortly after 3 a.m. EDT (0700 GMT) after about 10 hours of talks. Globe spokesman Robert Powers said the parties had agreed not to release details until Guild leadership speaks with members on Thursday.

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