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Wirecutter screenshot

Every member of the Wirecutter Union will be eligible to receive overtime pay from union organizers for the hours they missed working overtime during the union's Black Friday holiday strike, thanks to an outpouring of donations to support the union's walkout.

State of play: The Wirecutter union held a five-day walkout over the holiday weekend in protest of the New York Times' management's negotiations with its union.

  • The product reviews site, which was acquired by the New York Times in 2016, typically sees a boost in traffic over Black Friday and Cyber Monday.

Details: As of Tuesday morning, the union had raised nearly $43,000 from a GoFundMe page over the span of a week, far surpassing its $25,000 target. That money came from over 900 unique donors.

  • The union will "be able to provide funds to everyone who wants them due to the generosity of our supporters who donated so much more than our goal," said Sarah Kobos, a senior photo editor at Wirecutter and vice-chair of the union. "Any excess we have after that, we will be donating to other strike funds."

The big picture: The union is asking the Times for a $300,000 pay increase across the salaries of its 65-person department. "The fact that the Times is sitting on $1 billion (of cash) — it's a small ask," Kobos said.

  • Asked whether the boycott had impacted traffic to the Wirecutter, or subscription referrals, Kobos said she couldn't share metrics, but "I can only assume that it did affect things."
  • The Wirecutter added 10,000 net subscriptions in its first month behind a paywall, the Times said in early November.

What's next: The union's next bargaining date with management is set for December 6.

Go deeper

NYT CEO: Athletic investment is a bet on subscriptions

Illustration: Annelise Capossela/Axios

The New York Times on Thursday said it was using more than half of the whopping $1 billion in cash on its balance sheet to buy The Athletic, a sports media startup that currently loses a lot of money.

Why it matters: "It's about accelerating our long-term strategy," Times CEO Meredith Kopit Levien told Axios. "If we didn't think it was a sustainable, engaging product already, we wouldn't be here having this conversation today."

Europe's energy reliance on Russia is a crucial shield for Putin

Photo: Pavel Bednyakov/Sputnik/AFP via Getty Images

Cracks in the NATO alliance regarding sanctions for Russia should President Vladimir Putin order troops into Ukraine are in large part based on energy supply concerns.

Why it matters: Russia holds tremendous leverage over some European countries because it provides roughly 40% of Europe's natural gas supply. In Germany, this figure is greater than 50%.

Why the Fed might want to jolt the markets

Fed chair Jerome Powell at a hearing earlier this month. Photo: Brendan Smialowski-Pool/Getty Images

So far, financial markets are cooperating nicely with the Federal Reserve's efforts to restrain inflation. They're doing the Fed's work for it by creating tighter financial conditions, in a distinctly non-panicky way.

  • But as the central bank's policymakers meet this week, an underlying question they face is whether the adjustment is happening too slowly.

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