@Tom: For me, the way this part of the story seems most likely to play out, the eventual and inevitable “sale” by the Sulzbergers – or voiding of the two-class share system – will not really be a sale per se, but some sort of transaction allowing them to surrender their equity and control in a face-saving manner. Bottom line is simply that the business is very unlikely to produce the cash necessary to service all that debt, and those holding the debt will end up as the new owners. And these new owners will probably just exit to whomever offers the most, whether for strictly commercial reasons or (as is safe to assume) a mixture of financial reward and status. The family could of course play a more decisive role in deciding the new owner if they act before the hammer of all this debt falls, though that seems unlikely. Though again, my guess is that some kind of deal is done before the thing skids into bankruptcy, because it would have a pretty bad impact on the brand, and the Sultzberger name and family trusts will not do well in a court-administered workout.