Deadline extended for a deal to save the Globe

Special Report:
Global Financial
Crisis

BEIJING, May 4 -- Negotiations between unions at The Boston Globe and its owner,
The New York Times Co, continued until midnight last night, United States
eastern standard time (5am GMT), after the company agreed to extend its deadline
for the newspapers' employees to make 20 million U.S. dollars in concessions.

"Because there has been progress on reaching needed
cost savings, The Boston Globe will extend the deadline for reaching complete
agreements with its unions until midnight Sunday May 3," Boston Globe spokesman
Robert Powers said in a statement.

Leaders of the Boston Newspaper Guild, the Globe's
largest union, asked for an extension of Friday's deadline after discovering
what they called a 4.5-million U.S. dollars accounting error. The Guild said
ownership was mistakenly counting the salaries and benefits of 80 people who
have left their jobs at the Globe since the beginning of the year.

"We have given the New York Times Co and Globe
management proposals for deep cuts in our members' pay and benefits that we
believe will save The Boston Globe," Daniel Totten, Guild president, said in a
statement. "We are awaiting the company's response."

The concessions sought by the New York Times Co could
include pay reductions, a decrease in pension contributions and the elimination
of lifetime job guarantees previously given to some senior employees.

Those guarantees state that staff cannot be let go
without cause.

The Globe, like many newspapers, is struggling with
declines in circulation and advertising. The Globe's operations lost $50 million
last year and are projected to lose US$85 million this year.

The New York Times Co announced in April it would
close the Globe unless the concessions were met.

(Source: Shanghai Daily)