New York Times Will Win in the Long Run

"You have to cut to some degree in this climate, but there are points at which the more you cut, the faster you're going to lose the print audience and then you're going to lose your ability to monetize an online audience in the future at the same time," says Ken Doctor, a media analyst with Outsell.

That's why Elmasry's efforts to end the Sulzbergers' control over the company amount to a threat to its brand. The fund manager points to a laundry list of mistakes the Times has made in allocating capital over the years, from its ill-fated acquisition of the Globe to its spending on a new midtown Manhattan headquarters and excessive executive compensation.

All these are legitimate complaints, but it's hard to argue that those decisions account for the poor stock performance.

"Everywhere you look, the valuation of newspapers has declined under the latest assessments of their economic future," says Eli Noam, professor of finance with Columbia School of Business. "In this climate, New York Times is doing better than others and they have a better future than most."

Elmasry declined to comment for this story. While his complaints are not without merit, his endgame of eliminating the dual-class structure would likely result in some sort of takeover play or buyout transaction for New York Times. That may result in a quick payout for weary shareholders, but it would also remove their stake in the long-term value of the brand, and it could also destroy that value.