More than 1,000 New York Times ( NYSE: NYT ) staffers are set to walk out Thursday in a historic one-day strike following the breakdown of talks between the workers' union and the news organization.
Negotiations between the two sides went on Tuesday, and some of Wednesday. But frustration at the union - The NewsGuild of New York - has grown over the lack of progress since its last contract with the paper expired in March 2021.
That means the newsroom and other employees will stage a work stoppage starting at 12:01 a.m.
"Today we were ready to work for as long as it took to reach a fair deal, but management walked away from the table with five hours to go," the Guild said. "It’s official: @NYTimesGuild members are walking out for 24 hours on Thursday."
“ It is disappointing that they are taking such an extreme action when we are not at an impasse,” NYT spokesperson Danielle Rhoades Ha said.
About 40 bargaining sessions have been held since the March 2021 expiration, according to NYT, and the two sides have failed to come to agreement on "salaries, health and retirement benefits, and other issues."
But compensation is where they may be furthest apart, the NYT report notes.
Executive Editor Joe Kahn expressed disappointment: “Strikes typically happen when talks deadlock. That is not where we are today."
New York Times stock ( NYT ) saw a rally after its third-quarter earnings showed a healthy profit beat and more subscriber growth spurring a raised outlook .
For further details see:
Union to stage one-day strike of New York Times Thursday