PHILADELPHIA (AP) — A new labor contract for journalists at Philadelphia's two main newspapers includes a wage cut as well as assurances that the papers will continue to be published for at least two years.

Members of the Newspaper Guild ratified the two-year deal on Thursday with the 2.5 percent wage cut.

Owners of The Philadelphia Inquirer, Philadelphia Daily News and Philly.com now have new pacts with all 11 unions.

According to union leaders, Interstate General Media said last month that the struggling company would have to liquidate or sell assets unless it got concessions from each unit.

A statement from the owners says the new contracts "will stabilize the company and create a platform for future growth."

The guild deal also states there will be no layoffs in the first year.