New York Times Company threatens to close the Boston Globe.

The company threatens to shut down the newspaper unless its unions agree to $20 million in contract concessions by May 1, 2009. The Times bought the Globe in 1993 for $1 billion, the highest price ever paid for U.S. newspaper. Members of the Boston Newspaper Guild, the paper’s largest union subsequently agree to the giveback on July 20, 2009, and the Times announces that the Globe is no longer for sale on October 14, 2009.