Boston Globe has till end of weekend to cut costs by $20 Mln

Labor union leaders at The Boston Globe say the deep cuts in workers' pay and benefits they're offering should be more than enough to save the newspaper, which has been threatened with closure by its owner, The New York Times Co.

Early Sunday the Globe’s largest union, The Boston Newspaper Guild, released a statement Sunday saying its proposed concessions meet the needs of management, and the union is confident the Times Co. is committed to reaching an agreement.

The Times Co. in the beginning of April threatened to close its loss making Globe unless union concessions were made.