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Left-wing Boston Globe as good as dead. News Team

The Boston Globe, which is owned by The New York Times Co., is losing 85 million dollars a year. The only thing keeping the Times from shutting down the newspaper is the fact that it would also cost the Times a fortune.

Under the employee contracts for the Boston Globe, each employee is entitled to 50 weeks of severance. Pensions for retired employees also constitute an unfunded $100 million liability.

435 of the Globe’s 450 employees have contracts that guarantee employment for the life of the paper, meaning the paper can not lay any of them off.

Times Co. is raising the newsstand price of the Boston Globe by 60% and asking the union to concede $20 million in benefits and allow the Times to cancel lifetime employment guarantees.