New York Times Response to Jenkins

Bill Keller, the Executive Editor of the New York Times, wrote a letter to the editor of the Wall Street Journal ("Misrepresented, Insulted and Belittled") complaining about a piece by Holman W. Jenkins, Jr., on the corporate structure of the New York Times.  As noted here, the New York Times is controlled by a family trust that owns most all the company's Class B stock. Class B stock owners control a majority of the seats on the board.  Ninety-nine percent of the shares outstanding are Class A stock (of which 85% are owned by the public; 15% owned by the family).  In other words, the New York Times is controlled by a minority owner (and a very small minority owner at that).  Recently the paper has been a financial disaster, with declining revenue and stock price.  The answer of Mr. Keller is predictable:  The family is committed to serious journalism and majority owners (which might be "hedge funds") would not be.  The owners of Time magazine made the same argument in defeating a takeover bid by Paramount Communications some time ago.  So according to the paper's opinion writers, shareholder power may be a good corrective for our misbehaving oil companies but it is apparently an anathema to our pristine news media companies.