Globe union and NYT reach deal

Early this morning, a tentative deal was reached between the New York Times Co. and The Boston Globe.
The Globe reports that the agreement includes "substantial pay cuts, unpaid furloughs, and modifications to the lifetime job guarantee provisions that protect almost 200 employees in the Boston Newspaper Guild."
From the story:

The Newspaper Guild was the last major union without a tentative agreement after more than a month of high-stakes bargaining to wring $20 million and major contract concessions.

The two sides began the bargaining session last night so far apart that the company had proposed what it called its "last, best offer," deeply slashing wages of guild members by 23 percent to gain the $10 million in concessions, according to union and management representatives with knowledge of the negotiations.