The union for journalists at Philadelphia's two major newspapers will bargain a new contract to help prevent the troubled company from being liquidated.
Newspaper Guild leaders made the announcement Thursday after meeting with executives of the group that owns The Philadelphia Inquirer and Daily News.
Guild officials say Interstate General Media threatened to liquidate or sell its assets unless it gets new labor agreements with all 11 unions by Friday.
Ten unions have been working without contracts since October. The current Guild contract expires next October, but the union agreed to negotiate a new deal while keeping current provisions in force.
Interstate bought the cash-strapped newspapers in April. It's the fifth group to own the media outlets since 2006.
The company declined to comment.
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