BOSTON (AP) – Union leaders say The New York Times Co. has told The Boston Globe’s unions they must agree quickly to $20 million in concessions.

The Globe reported the Times Co. threatened to shut down the newspaper if the concessions aren’t met.

Executives from the Times Co., which owns the Globe, met this week with leaders of the newspaper’s 13 unions. Boston Newspaper Guild president Daniel Totten said the concessions could include pay cuts, the end of company pension contributions and the elimination of lifetime job guarantees. The Guild is the Globe’s biggest union, representing more than 700 employees.

The Globe has gone through several rounds of layoffs and buyouts and reportedly lost tens of millions of dollars last year.