The New York Times Co. (NYT) has reached a new labor agreement with its Tech Guild that represents technology workers at the venerable newspaper, ending two years of bargaining and job actions.
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The guild says the new three-year labor agreement includes wage increases of up to 8.25% over the length of the contract, protections against layoffs, additional compensation for on-call work, and flexible hybrid work schedules.
Union members are now scheduled to vote on the ratification of the new contract December 19. If approved, it will be the first contract for the Times Tech Guild, which was certified in a National Labor Relations Board election in 2022. The guild has more than 600 members and represents people who work as data analysts and software developers.
Labor Peace
The agreement brings labor peace to The New York Times Co. following often contentious negotiations and a weeklong work stoppage. Guild members had gone on strike over the busy Election Day news period in November, protesting daily outside The Times’ New York offices.
The union ended its strike after a week and without a new contract at that time. “These first contract wins set a strong foundation for job protections that our colleagues will build upon for generations,” said Kathy Zhang, unit chair of the Tech Guild, in a written statement. NYT stock has risen 14% this year.
Is NYT Stock a Buy?
The stock of The New York Times Co. has a consensus Moderate Buy rating among six Wall Street analysts. That rating is based on three Buy and three Hold recommendations assigned in the last three months. The average NYT price target of $57.17 implies 3.63% upside from current levels.
