The Boston Globe's largest union on Monday voted by nearly two to one to accept pay cuts in an attempt to save the troubled newspaper.

A package of wage and benefits cuts will enable the 137-year-old paper to save $10m a year.

The recent approval has significantly opened the way for the newspaper's owner, New York Times Co., to sell it.

Boston Globe Guild members will face a 23 percent wage cut.

Under the new contract, Guild members, approximately 700 editorial, business and advertising employees would lose nearly 6 percent of their salary, as opposed to the 8.3 percent previously proposed.