The New York Times has reached a new contract agreement with the union representing its newsroom employees, bringing an end to more than two years of contentious negotiations and a 24-hour strike.

The proposed agreement, once ratified, will provide immediate salary increases of up to 12.5 percent for union members, covering the past two years and 2023. It will also raise the minimum salary requirement to $65,000, a significant increase from the previous amount of around $37,500. Contractual raises have not been received by union members since 2020, as the previous contract expired in March 2021.

Under the terms of the contract, the median salary for reporters in the union would be approximately $160,000. The negotiating union, a part of the NewsGuild of New York, represents nearly 1,500 employees across various departments within the company, including the newsroom and advertising. The New York Times has over 1,800 people working in its newsroom.

The union has announced that members will vote on the ratification of the five-year deal in the upcoming week. Bill Baker, The New York Times Guild’s unit chair, expressed satisfaction with the agreement, stating, “This deal is a victory for all the union members who fought for a fair contract that rewards our hard work and sacrifice. It shows that the company cannot take us for granted and must be held accountable.”

Cliff Levy, a Times deputy managing editor, shared his support for the contract in an email to Times union members.

“From the beginning of this bargaining process, we’ve been determined to reach a contract that shows how much we value the contributions of NewsGuild members to The Times’s success,” Mr. Levy said.

The contract encompasses provisions regarding hybrid work arrangements and introduces paid sabbatical leave, granting four weeks off for every ten years of service at the company. The company has agreed that new newsroom positions, including any expansion into local markets, will be included in the union and receive fair minimum salaries.

The bargaining process for the contract was often intense, with disagreements arising over salaries, health and retirement benefits, and other matters. The union accused The Times of delaying negotiations and not sharing profits with employees, while Times executives cited the need for cautious budgeting amid economic uncertainty.

In December, members of the Times Guild organized a one-day strike, a rare occurrence for the publication. Last month, union members protested outside the company’s annual stockholder meeting and submitted a letter to publisher A.G. Sulzberger, signed by over 1,000 members, conveying their dissatisfaction. The letter stated, “Enough is enough.”

If approved, the new contract will cover the period from 2021 through February 2026. Union members will receive a one-time retroactive bonus of 7 percent of their base pay from the expiration of the previous contract.

Employees will receive initial salary increases on a sliding scale, with larger raises for those earning lower salaries. Those making under $100,000 per year will see an immediate 12.5 percent increase, while those earning over $160,000 per year will receive a 10.6 percent bump. All Guild employees will also receive a 3.25 percent increase in 2024 and a 3 percent increase in 2025.

CNN’s ad revenue witnessed a significant decline of nearly 40% during Chris Licht’s tenure as CEO of the cable news network, which came to an abrupt end on Wednesday.

According to The Wrap, data collected by MediaRadar reveals that advertisers spent $513 million on CNN TV and digital outlets in the first four months of 2022, just before Licht assumed the CEO position. However, from January to April 2023, ad spending dropped to $313 million, indicating a 39% year-over-year decrease in revenue.

The decline in April was particularly sharp, with ad revenue falling from $153 million in April 2022 to $80 million in April 2023. MediaRadar CEO Todd Krizelman commented on the downward trend, stating, “Our data analysis suggests a significant downward trend in CNN’s ad revenue during Chris Licht’s tenure, reflecting substantial declines both in total spend and in the number of advertisers.”

The number of advertisers on CNN decreased by 23% during the first four months of 2023 compared to the same period in 2022, going from 2,700 companies to 2,100. Only 29% of the advertisers from 2022 returned in 2023.

Prominent companies such as Thumbtack, Apple, Cisco, and Disney reduced their ad spending by 90% year over year, and fewer companies made substantial investments in advertising with CNN. In the first four months of 2022, 68 companies spent $2 million or more on CNN properties, whereas in the same period of 2023, only 17 companies reached that spending level.

Warner Bros. Discovery, the publicly traded parent company of CNN, does not disclose revenue specifically for CNN. In its first-quarter earnings report, it did revealed a 15% year-over-year decline in advertising revenue for its Networks segment, which includes CNN, citing “audience declines” as a contributing factor.

CNN has not yet provided a comment on the MediaRadar figures. MediaRadar utilizes data sampled from national TV broadcasts and digital campaigns to compile its estimates.

The NAB Joint Board of Directors has appointed Perry Sook, Chairman and CEO of Nexstar Media Group, as Chairman of the board. He assumes the position previously held by David Santrella, CEO of Salem Media Group, whose term has come to an end.

During the recent elections at the NAB Board of Directors meeting held on June 6-7, several other key positions were filled. Collin Jones, Executive Vice President of Strategy and Development at Cumulus Media, was elected as the Radio Board Chair.

Kevin Perry, President and COO of Perry Publishing and Broadcasting Company, was elected as the Radio Board First Vice Chair. John Zimmer, President and Owner of Zimmer Radio of Mid-Missouri, was elected as the Radio Board Second Vice Chair. Chris Ornelas, Executive Vice President and General Counsel of Beasley Media Group, was elected as the representative of the major radio group on the NAB Board’s Executive Committee.

Pat LaPlatney, President and Co-CEO of Gray Television Inc., was elected as the NAB Television Board Chair. Ramona Alexander, Vice President and General Manager of WDBD-TV, was elected as the TV Board First Vice Chair.

Lynn Beall, Executive Vice President and Chief Operating Officer of Media Operations for TEGNA, was elected as the TV Board Second Vice Chair. Chris Ripley, President and CEO of Sinclair Broadcast Group, was elected as the TV Board Third Vice Chair.

Kristopher Jones, Executive Vice President and Head of Government Relations at Fox Corp., was appointed to the designated TV network seat on the NAB Board’s Executive Committee.