Crisis in journalism: Boston Globe on the brink

In the most troubling news to date about the state of news industry, the New York Times is threatening to shut down the Boston Globe unless the Globe’s unions quickly agree to $20 million in cuts.

As the Globe reports today: “This week, the Globe newsroom completed cutting the equivalent of 50 full-time jobs. But the deteriorating economy has made the Globe’s financial outlook much worse … The Times Co. is seeking (new) concessions from the unions because the New York company, which is also suffering from the recession, can no longer subsidize the Globe’s losses…”