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Boston Globe Lives ... for Two More Days

In the 11th hour, the Boston Globe gets a reprieve - for 48 hours.

Friday was supposed to be the deadline imposed by the parent New York Times Co. for a negotiated settlement to keep the Globe afloat. The company is threatening to shut down the Globe unless the paper's unions agree to concessions totaling $20 million.

Unlike other unions across the country that quickly folded under similar threats, the Globe's unions have negotiated contentiously. The guild, representing the newsroom employees, has been particularly steadfast since it's been asked to absorb half of the $20 million concession the company is seeking - while the other 12 unions are asked to carry the other half.

The deadline has been extended to Sunday at midnight as the sides haggle over an accounting error. Meanwhile, no buyer has emerged to take the paper out of New York Times Co.'s hands - the NYT paid $1.1 billion for the Globe in 1993 and now it's estimated to be worth just $20 million. John Henry, owner of the Boston Red Sox, has denied interest in buying the Globe.

The paper is covering its potential demise with good cheer, however, with daily updates and a special section on the web to keep the readers apprised of the negotiations. Most indications are that a settlement is within reach. But we won't know for sure until Monday morning.