Boston Globe strikes deal with union

It remains no secret media in this country remains in a state of crisis, but a glimmer of hope came out of Boston earlier this morning with an announcement the paper's largest union struck a deal with its parent company.

The New York Times Co., which owns the Boston Globe, had threatened to close the storied newspaper if its unions did not agree to make $20 million in concessions. The company threatened to give Massachusetts officials 60 days notice of its intent to close the paper in an apparent move to pressure the Boston Newspaper Guild to agree to the concessions.

Three smaller unions had already approved the concessions, and the Guild ratified them after a marathon bargaining session. The parties will disclose the details of the agreement tomorrow, but it appears the Globe will publish another day. This 11th hour deal will almost certainly come as a relief to the Globe's readership and an industry that remains in dire straights.