The New York Times Co. has agreed on a contract with its employees union after months of negotiations that at times grew acrimonious.
The tentative agreement, which is expected to be ratified by members of the Times Union, is a five-year deal that will be effective until March 2026.
Key elements of the deal include a universal $65,000 annual salary floor, immediate raises of at least 10.6 percent for all union members and annual wage increases based on pay rather than contract minimums.
“This deal is a victory for all the union members who fought for a fair contract that rewards our hard work and sacrifice,” Bill Baker, New York Times communications coordinator and Times Guild unit chair said in a statement Tuesday. “It shows that the company cannot take us for granted and must be held accountable.”
Last fall, as talks between management and the union stalled, more than a thousand Times employees held a strike and rallied outside the Times headquarters, asking readers not to cross “the digital picket line” and to refrain from engagement on any Times platform during the demonstration.
The Times has been steadily adding to its subscriber base in recent years — aided by a massive purchase of sports journalism website The Athletic last year — but like all digital publishing companies faces major economic headwinds and a dwindling traditional ad market.
“Even in an uncertain macroeconomic environment, it’s clear The Times has a powerful, multi-revenue stream model with great unit economics and we’re aggressively chasing the tailwinds that will best position us to grow revenue and profit,” Meredith Kopit Levien, president and chief executive officer of The New York Times Company said last fall.