NY Times Company will file to close the Boston Globe

The New York Times Company will notify federal authorities Monday that its plans to shut down the Boston Globe after negotiations with Unions failed to deliver desired cuts.

According to reports, The Boston Globe will cease publication within weeks, if not sooner.

The New York Times Company (the owner of the Boston Globe) had previously said that The Globe c=would bleed $85 million this year unless a deal was reached with the union to cut costs. The NY Times Company acquired the Boston Globe for $1.1 billion in 1993.

The shutdown has restrictions under law, and the NY Times Company said that they would file at the opening of business Monday, the required 60-day notice of the planned shutdown under the Worker Adjustment and Retraining Notification law.

Reports suggest though that the move could be a negotiation tactic, but either way, it’s a serious escalation in negotiations. If the Globe closes, it will be the largest failure of a US newspaper to date.