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TUESDAY, FEBRUARY 9, 2010
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8

NY Times to Notify Feds It's Shutting Globe

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(Newser) – The New York Times will file a required 60-day notice with federal authorities that it plans to shut the storied Boston Globe, newspaper officials said last night. Tense negotiations with unions failed to produce millions of dollars in savings Times representatives say are necessary to continue Globe operations. The Newspaper Guild called the announcement a "bullying" negotiating ploy, reports the Washington Post.

The Globe's circulation plunged 14% in the last six months and the paper is expected to lose $85 million this year. The Times is also staggered by fiscal problems, and had to mortgage its Manhattan building, borrow $240 million at a 14% interest rate from a Mexican investor, and cut staff and salaries.

"Boston Globe" workers hoist placards at a rally Friday.   (AP Photo/Lisa Poole)
The
The "Boston Globe" building.   (AP Photo/Elise Amendola, File)
The front page of Friday's
The front page of Friday's "Boston Globe," which includes a story about the union negotiations.   (AP Photo/Bill Sikes)
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8 comments
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paul123
May 4, 09 7:09 AM CDT
with news all over the net, no wonder newspaper sales are down all over the country Reply
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IN RESPONSE:
MattyP654
May 4, 09 8:28 AM CDT
That's a ridiculous comment. Without newspapers - where do you think the news on the Internet comes from?
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IN RESPONSE:
Zorro
May 4, 09 9:12 AM CDT
I agree with paul123, the problem isn't that news is dead - its that the old business model used by traditional newspapers to cover the news is dead - and they (both management and staff) are failing to adapt to the new world.
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IN RESPONSE:
paul123
May 4, 09 9:44 AM CDT
Thank you Zorro for making my point more succinct.
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ClearSight
May 4, 09 7:21 AM CDT
Who cares, all either of those two newspapers have been is a mouth piece of the left. Obama doesn't need Pravda, when he has left wing rags doing puff pieces for him. Your chickens have come home to roost! R.I.P. Boston Globe hopefully followed by the NY Times...... Reply
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newspaper • New York Times • union • union busting • Boston Globe • shutdown • newspaper industry • newspaper guild

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