Globe Strikes Deal With Last Holdout Union

The Boston Globe and its largest union struck a tentative deal early this morning that will likely keep the newspaper's owner, the New York Times Company, from shutting down the title. The union representing more than 600 employees in the editorial and advertising divisions was the last holdout in negotiations at the struggling paper, which is expected to lose $85 million this year.

Details of the deal were being kept under wraps, but leaks on the Globe website suggested that the company had convinced the union to allow modifications to lifetime job guarantees for around 200 employees. The union also agreed to substantial pay cuts and unpaid furloughs. Relaxing the lifetime employment guarantees was seen as critical if the Times Company, itself in serious financial trouble, is to sell off the New England paper.