Tuesday, April 7, 2009

New York Times Co. to Close Boston Globe?

The Boston Globe, one of the most acclaimed and profitable U.S. newspapers ever, may be closing down.

Analysts say the 137-year-old Globe, which was bought by the New York Times Co. in 1993, has been a money-loser in recent years and the Times, now $1.1 billion in debt, is threatening to shut down the Globe unless it gets $20 million in union concessions. The company was in negotiations with the union as of April 6.

The threat to the Globe, announced April 3 on the Globe’s website, has shocked some industry insiders, who say it shows no one is safe in the troubled economic times.

Stay tuned.


Read the Marketing Magazine story


No comments: