Times Co. will not close Boston Globe...yet

The New York Times is reporting that its parent, The New York Times Company, has reached a "tentative agreement" with several unions at The Boston Globe. While talks with the largest union "remain unresolved," the process of shutting down New England's largest daily has been postponed.

From the story:

In negotiations that went past the midnight deadline set by the company, deals were struck with the three unions representing more than 500 mailers, drivers and press operators. More than ever, the fate of the paper appears to turn on talks with the Boston Newspaper Guild, which represents more than 600 newsroom, advertising and business office workers. The company said it had also reached agreements with smaller unions representing machinists, electricians and other workers.

This, however, does not mean that the Globe is safe. If union members do not agree on certain concessions, the paper may be forced to close.

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NYT ad revenue way down

Bloomberg reports that The New York Times Co. listed a 27 percent drop in first-quarter advertising revenue, expanding its net loss to $74.5 million.
From the story:

Times Co. cut jobs, slashed pay, halted its dividend and sold assets to help preserve cash after ad revenue slipped 13 percent last year. It’s seeking to sell its minority stake in the Boston Red Sox baseball team and is negotiating additional pay and job cuts with unions. “It’s clear from these results that it’s a very, very bad environment for newspapers,” Edward Atorino, a New York-based analyst at Benchmark Co., said in an interview. “There’s no sign of relief.