UPDATE 2-Boston Globe union offers to talk cost cuts

* Newspaper Guild open to cost cutting talks

* Guild wants revenue-sharing agreement with Globe

(Adds report that Mort Zuckerman eyes Boston Globe)

NEW YORK, April 14 (Reuters) - A key Boston Globe union offered to negotiate cost cuts at the money-losing paper with parent company The New York Times Co (NYT.N) on Tuesday in return for more power at the paper and a share of its revenue.

The Boston Newspaper Guild is open to negotiating "immediate, significant labor cost savings measures" with the Times Co and the Globe management, it said in a statement.

The statement comes after the Globe reported that it is on track to lose $85 million this year and that the Times Co may close the paper if it cannot wrest cost cuts from the union and the paper immediately.

The Newspaper Guild would agree to the talks if the Times Co and the Globe negotiate a revenue-sharing agreement with the union, and if the union gets a bigger decision-making role at the paper.

"This is a period of tremendous challenge to the entire media industry, and sacrifices will once again be necessary to help ensure a stable future for the Globe," the union statement said.

A New York Times Co spokeswoman was not immediately available for comment.

The guild in its statement proposed to deal directly with a buyer for the Globe if the Times' intent is to sell the paper.

It also said that there will be no changes in compensation or benefit levels provided by its contract unless the guild and management agree on labor costs. Any cuts would terminate at an agreed-upon date and be returned to previous levels, the guild added.

The guild also said negotiations should be conducted in public.

Separately, the Boston Herald reported that Mort Zuckerman, owner of the New York Daily News and the magazine U.S. News & World Report, was a potential candidate to bid for the Globe.

Zuckerman was unavailable for comment. A Times spokeswoman declined to comment on the report.

The Herald is owned by Patrick Purcell, who separately works for Rupert Murdoch's News Corp (NWSA.O) as the chief of the Ottaway chain of local newspapers owned by News Corp unit Dow Jones & Co.

Zuckerman's New York Daily News is a rival daily tabloid paper to Murdoch's New York Post. (Reporting by Robert MacMillan, editing by Matthew Lewis, Leslie Gevirtz)