After publisher Donald Newhouse last month announced that the Star-Ledger might be "sold, or failing that ... it will close operation on Jan. 5, 2009," the paper and its staff got good news this week. Owners Advance Publications were able to strike a deal with the Newspapers and Mail Deliverers Union, which had been the holdout in a series of deals to reduce costs across the board for the ailing daily. The accord will be ratified by a vote of the union's memberships on Tuesday, and if it succeeds, and as many as 200 staffers do accept buyouts as expected, all will be on track for the paper to continue in existence past January. The Star-Ledger loses an estimated $30 to $40 million a year, but Newhouse is tentatively optimistic about its future. "We're very hopeful that everything will fall into place," he said.

WHEW! [NYP]
Earlier: Publisher: ‘Star-Ledger’ to Be Sold or Shuttered by January