New York Times Co. Chairman Arthur “Pinch” Sulzberger Jr. warned that this week’s pact with the Boston Globe’s largest union might not spare the struggling newspaper from more cuts in the future.
“There will be still more to come, but with these steps the Globe is on a path to a more secure financial future,” Sulzberger said in a memo he co-wrote with Times CEO Janet Robinson.
The memo, which provided an update on the health of the company as well as the news about the Globe, is apparently an attempt by Sulzberger to quell criticism that he’s been an aloof and non-communicative executive during what has been a tumultuous period for the company.
The memo also confirmed for the first time that the Globe had been on target for a projected loss of $85 million this year before the company was able to wring out concessions from unions totaling $20 million.