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NYT: $20 Million Mix Of Concessions, Wage Cuts Saves Globe (For Now)

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imageThe New York Times Co. (NYSE: NYT) said Tuesday that it will keep the Boston Globe open despite the Boston Newspaper Guild’s narrow vote against va concession package. We reported last night that the company had no plans to file the 60-day warning notice that would have to precede closing the paper. (Meanwhile, a group of reporters has sent a missive to New York asking NYTCo Chairman Arthur Sulzberger, Jr., to step in; more on that, plus an excerpt, after the jump.)

When the union rejected the package of wage and benefit cuts valued at $10 million by 12 votes, NYTCo quickly followed with notice to the union that a 23 percent cut would be imposed next week. That, too, equals $10 million and, packaged with concessions from other unions under threat of closure, bring the total to $20 million. Spokeswoman Catherine Mathis told the Globe: “Because we have achieved the $20 million in savings we needed, we do not foresee closure at this time and are focused on executing the Globe’s turnaround plan.”

That may put the sword on a stronger rope instead of a thread, but it doesn’t remove the threat, particularly if the union wins a stay against the pay cuts or the company loses if the Guild, as expected, files a complaint with the National Labor Relations Board.

Reporters reach out to Sulzberger: Shaken by the results and the ramifications, more than 130 staffers — including some who voted against the proposal — have signed a petition and sent it with a letter to Sulzberger, a former reporter, asking him to step in. Sulzberger and CEO Janet Robinson have been faulted by some internally and externally for making a difficult situation worse by remaining remote. From the letter, posted on Romenesko:

More than 130 members of the Guild