Yes, the newsroom union of the Boston Globe rejected a contract proposal yesterday, causing the NYT Co. to say it will cut their pay by 23%. But then the reporters called Pinch Sulzberger a "mensch," so now it's all good!

The New York Times Co. has repeatedly threatened to close down the money-burning Globe if its budget wasn't cut enough. But today they say that threat is over!

"Because we have achieved the $20 million in savings we needed, we do not foresee closure at this time and are focused on executing the Globe's turnaround plan," Times Co. spokeswoman Catherine Mathis said in a statement.

That's assuming that the 23% pay cut, which the union vows to fight legally, is going to happen. Why would the company discard its Ace in the Hole before it was sure that it was going to get the cuts it wants? Maybe because the Globe newsroom sent this letter to NYT publisher Pinch today that is so nice:

Dear Mr. Sulzberger,

We have long admired your commitment to producing the world's best journalism. We know, as a former reporter, that you appreciate the work we do and how we have continued to publish hard-hitting, thoughtful papers throughout these hard times.
Despite all the rhetoric of the last few weeks, we believe you want to do the right thing – that, at bottom, you're a mensch.

Etcetera, etcetera, it's all formalities now. Brothers hug!