La Presse reaches deal with some workers

La Presse has reached an agreement-in-principle with half of its eight unions, although a shutdown threat still looms over the Montreal daily.

North America's biggest French-language broadsheet is threatening to close its doors Dec. 1 unless it reaches contract deals with its unions.

The paper announced Wednesday it has reached an agreement with four of its unions, representing one-third of its employees.

Publisher Guy Crevier wrote a public letter last week warning that La Presse is in dire financial straits. He also demanded a variety of concessions including an end to four-day work weeks.

La Presse is owned by Gesca Ltee, a wholly owned division of Power Corp. (TSX:POW).

Details of the agreement with the four unions have not been made public.

Media observers have applauded the newspaper for its dedication to investigative reporting, and warned its shutdown would be a loss for Canadian journalism.