In the high-stakes poker game to at least erase the Boston Globe’s reported $85 million annual operating loss and get to breakeven, it looks like management has won the first few hands. Following deals with several other unions, the Globe and the Newspaper Guild reached a settlement in the wee hours this morning. All of the deals need to be ratified, but assuming that happens, what’s next?
The employee concessions so far will only bring the deficit down to $65 million, which leaves a long way to go. Presumably, the restructured union contracts will provide management the flexibility it needs to pursue strategies that not only close the gap, but reshape the business into a news enterprise ready for a new age.
Here are some thoughts on what else might be coming down the pike for the Globe of tomorrow to survive and be profitable:
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