An Ultimatum for the Boston Globe

The Boston Globe, owned by the New York Times Co., is one of the most respected and well-known papers in the country.   Despite being in a major market and being in association with an industry leader for a parent company, the paper has been issued a threatening ultimatum by the New York Times:  Provide $20 million in labor concessions  or the paper could be shut down within a month.

According to the AP, in response to the threat, the unions associated with the Globe plan to eliminate bonuses for more than 200 managers and executives, including its publisher, as part of a cost-cutting effort at the struggling newspaper.

Yet another paper clings to dear life.  My question is, why is anyone in the newspaper business even receiving bonuses?  Aren’t bonuses a reward for a job well done with a prosperous, thriving business?  Granted the economy has facilitated the death of newspapers, newspaper management were reactive rather than proactive in response to the threat of the Internet and that is why their jobs and the state of newspapers in general is in jeopardy.  Their job performance hardly warrants a bonus.  In my opinion, nobody in the newspaper, automaker, or financial industries should receive a dime in bonus money.  But I digress…