The deal eliminates an annual two-week furlough that is no longer required, given the staff reductions that have taken place, sources told the Chicago Tribune.
Those staff reductions included the layoff of the entire photographer staff in May. Some will be rehired under the new agreement with the stipulation that their job descriptions would now include extensive video work, the Tribune said.
"We are moving rapidly to change our business to meet new needs of our readers and advertisers," Publisher and Editor Jim Kirk said in a joint statement issued with the guild.
"This new agreement will ensure that our employees and management are working together to meet the demands of the market. We were able to reach an agreement that reflects the financial pressures of our business," Kirk said.
"Myself along with the members of Chicago Newspaper Guild look forward to working with the company to achieve its objectives and are ready to move forward with management to make sure the company remains successful," guild President David Pollard said.
"We are extremely pleased that we have a new deal for our members."
If ratified, the proposal would go into effect Jan. 1. Guild members will vote on the tentative deal during meetings scheduled Dec. 2 and 3, the Tribune said.
The Chicago Sun-Times is the flagship newspaper for the company that includes seven daily newspapers and 32 weeklies.
Notable deaths of 2014 [PHOTOS]