Behold the power of Power Line. Only one day after we wondered (“Start the Countdown Clock“) whether the Sulzberger family would follow the Graham family and sell the New York Times before its market value sinks to Boston Globe levels, there emerged news that the family had “held a meeting,” and announced hastily that the Times was not for sale. So dream on, you Times-haters.
But then there’s this morning’s headline in the Wall Street Journal: “Sulzberger Sells Tiny Slice of Times Stock.” Just 50,000 shares. For “regular estate planning” purposes. Sure. It leaves him with 173,000 Class A (voting) shares, so not to worry. I’m sure it’s nothing. And I’m sure he’s all done with his “estate planning” sales. Maybe just another tiny slice here and there; surely not enough even to make a sandwich. Nothing to see here. Keep playing those fine waltzes. Ignore that iceberg off the starboard bow. I’m sure it’s nothing. The Times is unsinkable!