This just in from the Boston Newspaper Guild:

At approximately 11 p.m. this evening, the Boston Newspaper Guild reached a tentative agreement with the New York Times Company and Boston Globe management to achieve $10 million in cost savings through a variety of pay and benefit reductions. The tentative agreement includes a 5.94 percent salary reduction, modifications to contract language on job security and other concessions. In addition, the Boston Newspaper Guild has negotiated steps to help limit the financial hardship imposed on Guild members from the temporary implementation of a 23 percent pay cut. This agreement is subject to ratification by a vote of Guild members scheduled for July 20. Further details of this agreement will be made available to all Guild members as quickly as possible, and explained in detail at a general membership meeting scheduled for Wednesday, June 24.