Times co. threatens to shut down Globe

Yes, it's real enough. From the article by Robert Gavin and Robert Weisman of the Globe staff:

The New York Times Co. has threatened to shut the Boston Globe unless the newspaper's unions swiftly agree to $20 million in concessions, union leaders said.

Executives from the Times Co. and Globe made the demands Thursday morning in an approximately 90- minute meeting with leaders of the newspaper's 13 unions, union officials said. The possible concessions include pay cuts, the end of pension contributions by the company and the elimination of lifetime job guarantees now enjoyed by some veteran employees, said Daniel Totten, president of the Boston Newspaper Guild, the Globe's biggest union, which represents more than 700 editorial, advertising and business office employees.

The concessions will be negotiated individually with each of the unions, said Totten and Ralph Giallanella, secretary-treasurer of the Teamsters Local 259, which represents about 200 drivers who deliver the newspaper.

"We all know the newspaper industry is going through great transition and loss," said Giallanella. "The ad revenues have fallen off the cliff. Just based on everything that's going on around the country, they're serious."

It's beyond sad, but evidently the Times Co. posted a net loss of $57.8 million in 2008. Here in Houston, the Chronicle axed a lot of folks. That story was covered well by the Houston Press.

I majored (oh so long ago) in mass communication and have highly critical of the major newspapers in their relentless move, especially in politics, from mostly covering what is happening to mostly interpreting what is happening. Actually worse is that the big dailies have cultivated a star system and ended, as in "sports" with paying outrages salaries to a few big names to the detriment of in the trenches reporting.

Things change. In the larger picture of our society the movement from corporations owning all the news outlets to a more grassroots gathering and sharing may be positive. Even if true, it is no solace to the families of the folks who have long depended on these newspaper jobs. There will be more of this across the country. It's troubling.

Update: A pre-package bankruptcy may may be the best solution.