These days it seems like it is a race between newspapers and banks to see which industry will have more entities disappear by the end of 2009.
After the Boston Newspaper Guild voted against a new contract, the New York Times Co., which owns the Boston Globe, said it would impose a 23 percent pay cut on all members of the union.
While Globe reporters will be significantly lighter in their pockets than before, it appears that the Globe is in no immediate danger of closing its doors.
The New York Times Co. announced that because of achieving $20 million in savings, the paper will not face an immediate shutdown.
“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,” Times Co. spokeswoman Catherine Mathis said in a statement.