The mighty New York Times has seen better days. Journalism’s “Great Grey Lady,” the grand dowager of the printed page, has experienced a steady decline in its reputation since admitting that one of the paper’s most celebrated up-and-comers had something of a problem keeping the facts in and the fiction out of his news copy. The decline in the paper’s reputation has been accompanied by a turn for the worse in its economic health. It has been slow to adapt to competition from “new media” that we are told is giving fits to newspapers all across America. Subscription rates at...